Singapore's Berlian Laju Tanker says restructuring is 'on track'

By Marisa Wong

Madison, Wis., June 1 - Berlian Laju Tanker Tbk. said in a press release that its restructuring process is on track and ahead of schedule.

On May 8 the High Court of the Republic of Singapore granted the company a stay of proceedings to July 2.

According to the release, local bondholders have also agreed to a standstill to July 30.

Berlian Laju Tanker said it intends to begin discussions on a restructuring plan with its creditors before the end of June.

As previously reported, several PT Berlian Laju Tanker subsidiaries, including Chembulk New York Pte. Ltd., filed Chapter 15 bankruptcy cases on March 14 to seek foreign recognition of the Singapore proceedings.

The subsidiaries were granted U.S. recognition of proceedings last month.

Berlian Laju Tanker is a Jakarta, Indonesia-based shipping company. Chembulk is based in Cendex Centre, Singapore. The Chapter 15 case number is 12-11007.

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