Singapore: Berlian Laju
Tanker (BLT) has come clean on the cash crunch facing the company with $418m in
principal debt, bond and lease payments due this year.
As exclusively reported by
Seatrade yesterday BLT temporarily suspended payments on all debts
and leases apart from those under Indonesian-listed subsidiary Buana Listya
Tama.
“For the current financial
year, the scheduled principal payments that are to be made under bank loans,
bonds and finance leases by the Company and its subsidiaries are estimated to
be in the region of $418m,” the company
said in statement issued late Thursday.
“The global economic
slowdown combined with the rapid global fleet growth of the past few years
resulted in lower freight rates, which combined with higher bunker fuel costs
as well as other operating costs have significantly impacted the company’s
business and financial position,” said Widihardja Tanudjaja, president director
of BLT.
The company said it was
committed to continuing its day-to-day operations.
BLT has appointed FTI
Consulting to advise on a financial assessment and restructuring of the
company’s debts. During the assessment the Singapore and Indonesia-listed
shipowner’s stock will remain suspended.
Source : STA, 27.01.12.
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