High Court Grants Extra Time To BLT’s Restructuring Plan


News: Indonesian shipping line Berlian Laju Tanker (BLT) has obtained additional time from Singapore's High Court for continuing its restructuring plan, reports Seatrade Asia Online. The court has extended the section 210 filing until January 10 2013, thus continuing the protection offered to assets of BLT through that time period, according to John D. Noonan, the CEO of BLT's US subsidiary BLT Chembulk Group. Meanwhile, a hearing is scheduled for December 6 in US Federal Bankruptcy Court for BLT to secure a similar kind of extension of its chapter 15 recognition of the section 210 filing, Noonan added. BLT Chembulk Group expects that such type of extension will be fully granted by the court, Noonan mentioned. Additionally, an order to extend the claimant creditors' vote on BLT's restructuring plan to January 2 2013 from the original November 13 deadline was approved by the Central Court of Jakarta in the week ended November 24.

This article is tagged to:
Sector: Freight Transport, Shipping
Geography: Indonesia, Singapore, Indonesia, Singapore, Singapore

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