PT Berlian Laju Tanker, Indonesia's foremost oil and gas shipper, was able to reach an agreement with its lenders to restructure their loan of $1.9 billion to avoid the possibility of becoming Indonesia's biggest bankruptcy in years. Thursday, four days prior to the court's ordered deadline, the world's third largest chemical shipper was able to get the approval for the re-computation plan.
Shortly after the vote, William Shia of creditor Gramercy Head of Asian Investments handling the Berlian Laju told Reuters, "A deal has been reached with 100 percent of secured creditors voting for it. The next step is for Berlian Laju to implement its plan." Berlian Laju confirmed in a statement on late Thursday the deal and added that "in due course" details of the restructuring plan will be made public and the court of Jakarta was anticipated to order the deal official on the 18th of March.
Berlian Laju needs to put up for sale some of its chemical and oil tankers to settle some of their debts as part of the deal according to the creditor's legal representative.
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