Mark Chadwick, managing director in Singapore for FTI, said: “We did not resign due to concerns over trust, and applaud BLT's restructuring efforts so far which are progressing well.”
In a statement, BLT said FTI's resignation “was not made in protest as had been inferred in some published reports.”
The statement continued: “It was determined during May that dual advisors were no longer necessary and FTI resigned and with the consent of BLT are in discussions with the major bank lenders to act as their advisor.”
In January after BLT had announced its debt standstill, FTI had been contracted by BLT to oversee its restructuring as mandated by the major banks, most notably DNB. In March BLT also hired Cos Borrelli of specialist restructuring firm Borrelli Walsh to take a management role in leading the restructuring effort.
“BLT intends to commence discussions with its creditors on its restructuring plan before the end of June,” BLT said.
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