Berlian Laju Tanker (BLT) $650 million financial restructuring

Overview:

• Indonesia-based shipping company Berlian Laju Tanker (BLT) has undertaken a $650 million financial restructuring process backed by the MLA Lenders.
• The restructuring of BLT, which has been ongoing since 2012, has supposedly entered into a final phase where the consortium of MLA lenders, including private equity firms Kohlberg Kravis Roberts (KKR) and York Capital, will fully become equity holders of BLT. 
• DNB Bank acted as the facility agent in the deal. 
• BLT, dual-listed in Singapore and Jakarta, used to operate a fleet of over 40 ocean-bound vessels transporting refined petroleum products, LNG and other liquid cargoes across the globe. The company had debts of more than $2 billion, comprising loans, high yield, convertible and rupee bonds, lease, derivative and trade claims. 
• Milbank Tweed Hadley & McCloy acted for the lenders. The legal team was led by Abhilash Raval, managing partner of Milbank’s Singapore Office, David Zemans and Singapore partner Jacqueline Chan.