Under the US bankruptcy laws, Chapter 15 grants a foreign company protection from creditors seeking to seize its assets in the country.
Once the world's third largest chemical tanker shipping firm, BLT's vessels are mortgaged to a consortium of banks as security under a $685m loan agreement.
The Jakarta-based company averted bankruptcy about two weeks ago when it claimed a favourable vote from both secured and unsecured creditors for the restructuring plan to proceed.
The beleaguered shipowner had to freeze approximately $418m of principal repayments back in January 2012, out of total outstanding debts of about $1.9bn.
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