The debt-for-equity deal is the “final phase” of Singapore and Jakarta-listed BLT’s court supervised restructuring in Jakarta.
The new company will be known as Chembulk Tankers, taking the name of the Indonesian shipowner’s US chemical tanker subsidiary, according a letter by BLT Chembulk chief executive Jack Noonan.
The resulting company will be based in Chembulk’s Southport, Connecticut, headquarters and will have offices in Brazil, Denmark and Singapore.
“As
