Settlement Offered

Suspension of Payment / Penundaan Kewajiban Pembayaran Utang (PKPU)

According to Munir Fuady, Suspension of Payment (PKPU) is a specific period
of time provided by law through a decision of the commercial court, which in that
time period to creditors and debtors are given agreement to deliberate ways of
payment of his debts by giving plan peace (composition plan) to all or part of the
debt, including the debt restructuring, if necessary. Thus Suspension of Payment
(PKPU) is a sort of moratorium in this case the legal moratorium.
PT Berlian Laju Tanker Tbk (BLTA) stated some subsidiary companies have
obtained a decision from the Singapore High Court under the provisions of s.210
(10) of the Regulations Singapore company that provides protection to the
subsidiariy companies from actions that can be carried by the lender for 3 months
period. The purpose of the Decision is to give it time for the Company in order to
provide a Scheme of Arrangement to handle a wide range of the Company's
obligations to creditors. Rupiah Bond Creditors Company has also agreed not to take
any action until the date of July 30, 2012 to give it time for the Company in order to
provide for their proposal.
In 30 July 2012, BLTA BLTA ask for an extension of PKPU to allow them to
establish the company's restructuring. PT BLTA in doing this PKPU including debt
restructuring several times asked for an extension of time in making a debt
repayment plan. This is because the BLTA was not ready to hand over their debt
settlement proposal. An extension of time is discussed in RUPSI. Court decision and
the investors was agreed but PKPU renewal process has occurred several times
without a clear settlement.

RUPSI (Rapat Umum Pemegang Sukuk Ijarah)

RUPSI has been held on July 26 with PT Bank CIMB Niaga Tbk as the trustee
(Wali Amanat). This RUPSI is appointing a small team that will represent trustee in
PKPU and change trustee agreement, if later it was decided no change. The small
team PKPU sukuk Berlian Tanker I / 2007 consists of the Pension Fund of Angkasa
Pura II, PT Bank Muamalat Indonesia Tbk, Bumiputera Life Insurance, Bank
Danamon Syariah, PT BNI Syariah, PT BNI Asset Management, and Bank Mega
Syariah. On the other hand, a small team PKPU sukuk Berlian Tanker II / 2009
consisted of Bumiputera Life Insurance, BNI Asset Management, PT Kharisma Asset
Management, PT Bank Syariah Mandiri, PT Bank BCA Syariah.
78 percent of sukuk holders have approved the restructuring Sukuk Ijarah
Berlian Laju Tanker 2007. Rupsi has given time for BLTA to provide issuers of debt
restructuring proposal to the trustee no later than July 30, 2012. Sukuk Ijarah

Berlian Laju Tanker II in 2009, which was held Rupsi failed to meet the quorum.
Rupsi is only followed by 59 percent of the principal amount of Ijarah sukuk worth
100 billion rupiah. After RUPSI discussion has approved the extension of time of
PKPU several times, but the settlement about debt settlement still unclear.

Debt Restructuring
Debt restructuring is method used by companies with outstanding debt
obligations or sukuk to alter the terms of debt agreements in order to achive some
advantage. Companies can also restructure their debt by altering the terms and
provisions of the existing debt issue.
The plan of restructuring of BLTA with a short-term goal is the establishment
of a lean organization to operate a fleet of chemical tankers full stainless steel with
eight gas tankers and two oil tankers - where all such vessel currently employed
with a long-term lease. The first stage of the restructuring process that has
culminated with the issuance of Restructuring Plan has been done in recent months
and with the restructuring in various aspects including corporate, financial and
operational group of the Company's business and gain the support of the creditors
of the Company and also especially thanks to the support of all the customers of the
company.
The creditors ask BLTA to improve efficiency, such as selling unprofitable
fleet. BLTA has sold 43 of his fleet. Thus, the current fleet of the Company is 55
units. Of efficiency conducted by management, making BLTA transport capacity fell
to 1 million dead weight tons (DWT) from the previous 2.4 million DWT.

Suspension Redemption Request

Indonesia Stock Exchange decided to suspend the trading of Securities PT
Berlian Laju Tanker Tbk across markets began the first trading session dated January
25, 2012. This suspension is to prevent the movement of the stock that is not fair,
BLTA stock also suspended trading until the time limit has not been determined.
Because this suspended trading, BLTA can not traded in IDX. In the debt settlement
PT BLTA need of funds which can be obtained from the issuing of shares. Therefore
PT BLTA want to suspended trading resolved so they can trade their shares back
Suspended trading is stoppage in the trading of a security for an extended
period of time that normally occurs when there is a lack of material financial
information on the security. Once the security is suspended, shares of that security
cannot be traded on the market until the suspension is lifted or lapses. The exact
amount of time for the suspension will be determined on on a case-by-case basis.

Suspension Redemption is a provision on a hedge fund preventing the

withdrawal from the fund during a redemption period. Depending on the terms of
the hedge fund, which can be found in its prospectus, a manager generally has the
ability to implement this at anytime. The redemption suspension is implemented
when the fund is unable to meet redemption demands.
This action is seen as a very negative event for a hedge fund and is used only
in extreme situations, as it is preventing investors to access their money. It is also
seen as a sign of a major problem within the fund and its management, and will
often lead to a run on the fund once the redemption suspension is lifted.
Debt Conversion to Stock
PT Berlian Laju Tanker Tbk (BLTA) debt restructuring to be converted into
shares through issuance of new shares without the right to subscribe for any
securities in advance (non-ER) or a private placement in December 2015. But the
decision was not initially approved by some companies. This is because PT BLTA still
affected by IDX suspended trading and they are afraid of losing again by having the
shares of PT BLTA. Despite there are some companies refused, but the plan will still
run because of a decision rejecting not more than 75 per cent of the total debt
bonds and sukuk pt BLTA
BLTA will submit an application to the Stock Exchange to resume trading BLTA.
This cruise issuers expect, BLTA stock trading could begin on March 15. BLTA will
first address the capital deficit that became the main requirement for shares can be
traded. If the shares can begin trading again, unsecured creditors will receive new
shares in the BLTA and public shareholders could get another chance to get a refund
through their share ownership in the BLTA.
For information, on January 8, BLTA BEI received approval to list the new
shares. Berlian Laju execute the conversion of debt into shares worth Rp 13.5
trillion. BLTA issuing 11.93 billion new shares as the execution of the transaction.

Sumber :
http://pasarmodal.inilah.com/read/detail/2240239/blta-restrukturisasi-utang-anakusaha
http://www.neraca.co.id/article/57083/konversi-utang-blta-jadi-saham-ditolakinvestor
http://ekbis.sindonews.com/read/831694/32/blta-berharap-suspensi-sahamnyadicabut-1391155417

https://www.ipotnews.com/index.php?
jdl=Pemegang_Sukuk_BLTA_Setujui_Restrukturisasi&level2=newsandopinion&level3
=&level4=stocks&id=1298579#.VwsqB_l97IU
http://market.bisnis.com/read/20150814/192/462729/ini-hasil-negosiasi-utangobligasi-berlian-laju-tanker-blta-rp135-triliun
http://sports.okezone.com/read/2012/01/26/452/563635/restrukturisasi-usahasaham-blta-disuspensi
http://www.hpx.co.id/index.php/news-hpx-portal/108-sectoral/infrastructure/649blta-ingin-suspensi-saham-dibuka-lagi
http://www.antaranews.com/berita/294303/bei-suspensi-saham-blta
https://www.ipotnews.com/m/article.php?
jdl=BLTA_Dapat_Persetujuan_Perpanjangan_Restrukturisasi_Utang&level2=newsand
opinion&level3=markets&level4=stocks&id=1440267
http://bisnis.news.viva.co.id/news/read/724586-berlian-laju-tanker-siap-catatkansaham-di-singapura
http://pasarmodal.inilah.com/read/detail/2240239/blta-restrukturisasi-utang-anakusaha
http://www.britama.com/index.php/2016/01/manajemen-blta-berharap-suspensisaham-akan-dibuka-pada-maret-2016/
http://market.bisnis.com/read/20151216/192/502356/berlian-laju-tanker-bltaeksekusi-konversi-utang-ke-saham-rp135-triliun