BLT inches towards safety

Berlian Laju Tanker (BLT) has secured a three-month extension of the Orders granting court protection against action from creditors in Singapore. Indonesian bondholder creditors have also agreed not to take any action until July 30 to allow BLT to put its proposals for restructuring to them. BLT’s plan for restructuring envisages it becoming a slimmer, streamlined organisation with a young fleet of stainless steel chemical tankers together with eight gas tankers and two oil tankers, all employed on long-term timecharter. The first part of this plan has already been put in place, involving a restructuring of the corporate, operational and financial affairs of the group.