Indonesian Shipping Firm Berlian Laju Slashes Fleet By 44 Percent

JAKARTA, Jan 30 (Reuters) - Indonesian oil and gas shipping firm PT Berlian Laju Tanker, which narrowly escaped bankruptcy last year, said on Thursday it has cut its fleet size by 44 percent and will transfer a stake in its subsidiary to one of its creditors. The company now has 55 tankers, down from 98 in 2011, and will maintain this level over the next two years even as it … [Read more...]

Berlian Laju Tanker Company Files for Chapter 15 Creditor Protection

(Reuters) - Indonesia-based oil and gas shipping company, PT Berlian Laju Tanker, filed for Chapter 15 creditor protection in a U.S. bankruptcy court on Tuesday, days after it reached a deal with creditors to restructure its $1.9 billion debt. Under U.S. bankruptcy laws, Chapter 15 grants a foreign company protection from creditors looking to seize its assets in the country. … [Read more...]

Berlian Laju Narrowly Averts Bankruptcy, Creditors Agree to Restructure $1.9 Billion Debt

By Randy Fabi JAKARTA, March 14 (Reuters) - Indonesia's leading oil and gas shipper PT Berlian Laju Tanker reached a deal with creditors to restructure its $1.9 billion debt, averting what could have been one of the country's biggest bankruptcies in years. Once the world's third-largest chemical shipper, the group secured support for its restructuring plan on Thursday … [Read more...]