Berlian Laju Tanker, Chembulk unit seek dismissal of bankruptcy cases

By Caroline Salls

Pittsburgh, Dec. 8 – PT Berlian Laju Tanker Tbk. and subsidiary Chembulk Pte. Ltd.’s foreign representative Cosimo Borrelli asked the U.S. Bankruptcy Court for the Southern District of New York to dismiss the involuntary Chapter 11 case filed against Berlian and Chembulk’s Chapter 15 bankruptcy case, according to Monday court filings.

Berlian Laju Tanker, which is the ultimate parent of Chembulk, said petitioning creditors Gramercy Distressed Opportunity Fund II LP, Gramercy Distressed Opportunity Fund Ltd. and Gramercy Emerging Markets Fund consented to and support its case dismissal request.

Berlian said a motion was filed for recognition of a court order approving its Indonesian restructuring plan. If that request is granted, the company said the U.S. court should concurrently dismiss the involuntary Chapter 11 case.

Borrelli said in his motion that Berlian Laju Tanker and its creditors have substantially finalized the documents needed for implementation of their restructuring plan.

“The foreign debtors have determined that they no longer require the protections afforded by these Chapter 15 proceedings,” Borrelli said.

A hearing on both dismissal motions is scheduled for Jan. 8.

Berlian Laju Tanker is a Jakarta, Indonesia-based shipping company. An involuntary bankruptcy case was filed against it on Dec. 13, 2012 under Chapter 11 case number 12-14874. Chembulk’s Chapter 15 case was filed on March 14, 2012 under case number 12-11007.

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