Indonesian tanker owner PT Berlian Laju Tanker plans to transfer 27 of its vessels to a newly formed entity within its restructuring process launched in 2012.
Under the binding terms of its restructuring agreement, the new company named Newco, owned by a consortium of lenders headed by private equity firms Kohlberg Kravis Roberts (KKR) and York Capital will assume management of the 29 vessels, comprising of 23 chemical tankers and four LPG carriers.
As informed, NewCo will be based in Southport, Connecticut, and should start operations in the third quarter of this year.
“The Existing PKPU Plan is premised on certain market forecasts being met and substantial fundraising over the 10-year repayment period. However, due to delayed market recovery, and a lack of bank financing and investor appetite available for the industry, there is a need for a further restructuring of the company’s obligations under the Existing PKPU Plan and MLA Facility Documents,” the company said in a statement dated April 22.
The transaction is estimated to be worth USD 86.6 million.
The move comes as BLT pushes to restructure its debt worth USD 584 million.
The Singapore-listed company plans to hold a shareholders’ meeting to seek approval for its restructuring.
Berlian has a fleet of 39 vessels.
World Maritime News Staff