Last Friday, the Indonesia-based company appointed FTI as its financial advisor to come up with a viable restructuring plan. BLT also appointed Cos Borrelli as vice president for restructuring.
Borrelli's main role will be to lead the company's restructuring efforts and to review the operations and financial position of the company.
“It is expected that Borelli will work closely with the FTI team, which is headed by Mark Chadwick, its senior managing director who is based in Singapore. Their primary focus is to ensure the continued safety, security and peace of mind of the group's customers, suppliers and other stakeholders,” BLT said in a statement.
BLT said in January it had to freeze around $2bn of debts while it tries to restructure its operations and finances, and had defaulted on six of its debt payments.
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