Berlian Laju Tanker Creditors File Involuntary Bankruptcy

PT Berlian Laju Tanker Tbk creditors, with a combined total of about $125.5 million in claims, filed an involuntary Chapter 11 petition against the Indonesian ship operator, Bloomberg reported. Gramercy Distressed Opportunity Fund II, Gramercy Distressed Opportunity Fund, and Gramercy Emerging Markets Fund, all located in Greenwich, Connecticut, filed today in U.S. Bankruptcy Court in Manhattan, according to court papers. In March, PT Berlian put about a dozen subsidiaries into Chapter 15 proceedings in Manhattan to complement a bankruptcy reorganization in Indonesia, where the companies are based. In April, the U.S. bankruptcy judge ruled that Indonesia is home to the so-called foreign main proceeding. Read more.