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BLT’s restructuring plan faces opposition

BLT’s restructuring plan faces opposition
PT Berlian Laju Tanker (BLT) has informed that a lawsuit has been filed against the company in an Indonesian court over its restructuring plan, or PKPU as known in Indonesia.

The plaintiffs, comprising of PT Trojan International, PT Pacific Indocorpora, PT Samitra Artha Laksita, Feryanto Fulbertus, Nico Handoyo, Agustinus Gondowijoyo, and PT Industri Jaya Sukses, are seeking to nullify the PKPU plan of BLT.

The PKPU gives a debtor the opportunity to prepare, negotiate and submit a composition plan to its creditors for their approval.

Indonesia’s BLT started its restructuring since 2012, and the PKPU plan of the company was “homologised by the Commercial Court in the Central Jakarta District Court on 22 March 2013”, BLT said.

In an earlier announcement in April this year, BLT said its restructuring has supposedly entered into a ‘final phase’ where the consortium of lenders, including private equity firms Kohlberg Kravis Roberts (KKR) and York Capital, will become 100% equity holders of BLT via a debt-for-equity deal.

In the latest development by the group seeking to void the PKPU plan, BLT said it is seeking legal advice.

BLT said earlier that its PKPU plan is premised on certain market forecasts being met and fundraising over a 10-year repayment period.