PT Berlian Laju Tanker - an Indonesian chemical tanker operator - on Saturday set out the binding terms of its restructuring that has been ongoing since 2012.
Under the agreement, Berlian will transfer assets into a newly formed entity, with its lenders under a mandated facility agreement, as shareholders. The assets will include 27 vessels out of a total of 39 that make up Berlian's current fleet size.
Berlian will call for a shareholders' meeting to seek approval for its restructuring. Trading in shares of the Singapore-listed stock remains suspended.