Berlian Laju Creditor Seeks To Halt Debt

Dion Bisara

Bank Mandiri on Thursday filed a suspension of payment document with the Jakarta Commercial Court over a Rp 250 billion ($27 million) debt owed by Berlian Laju Tanker, the country’s largest oil and gas shipping company.

The move was Mandiri’s latest effort to seek payment from the near-bankrupt shipping company. If it is granted by the court, the suspension will give time for Mandiri and Berlian to seek a settlement, including debt restructuring.

Berlian announced on Jan. 26 that it was suspending payments of all loan obligations to its creditors, which stood at around $1.9 billion, but Mandiri claimed the move was made without the lender’s involvement.

“Thus, the bank is not bound by that,” Junaidi Tirtanata, a lawyer for Bank Mandiri said in a statement on Friday.