SINGAPORE: Indonesia's largest oil and gas shipping group, PT Berlian Laju Tanker, has appointed advisory firm FTI Consulting to help it restructure, the company said on Friday.
Berlian, which has declared a standstill on debt repayments, also named Cos Borrelli as vice president for restructuring. His main role will be to review the firm's operations and finances and lead efforts to come to an agreement with creditors.
"It is our hope that, with the assistance of the professionals we have brought in, and with our continued commitment to the process, the group will come through its current difficulties even stronger than it was before," the Indonesian firm said in a statement.
Berlian said in January it was freezing payments on its debt of $2 billion while it talked to creditors about restructuring its operations and finances. Last week, the firm said it had defaulted on six of its debt instruments comprising both dollar-denominated and local currency bonds.
Berlian has been hit by a slump in the oil tanker freight market made worse by the surge in oil prices. Sources have said its problems were compounded by the large debt it took on in to expand its chemical tanker business in 2007.
Its shares, which are listed in both Singapore and Jakarta, have been suspended from trading since late January.
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