Indonesia's Berlian Laju Tanker units granted legal proceedings stay

By Caroline Salls

Pittsburgh, March 13 - PT Berlian Laju Tanker Tbk.'s board of directors said some of the company's subsidiaries have been granted a three-month stay of all legal proceedings against them under section 210(10) of the Singapore Companies Act, according to a news release.

The stay was granted by the High Court of Singapore. The stay applications were supported by the group's largest group of bank creditors.

Specifically, Berlian Laju Tanker said the order imposes a temporary halt on legal proceedings initiated for the purpose of arresting vessels owned by the relevant subsidiaries.

According to the release, the order is intended to bring stability to the company's operations and give it time to undergo a restructuring, while protecting the interests of its customers.

As previously reported, Berlian Laju Tanker has appointed global business advisory firm FTI as its financial adviser to work with the group on a viable restructuring plan and to advise it on the best way to navigate difficult financial times.

In addition, the company said it has appointed Cos Borrelli as vice president of restructuring to lead its restructuring efforts and review the group's operations and financial position.

Berlian Laju Tanker is a Jakarta, Indonesia-based shipping company.

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