Even though the ailing Indonesian operator failed to secure the requisite majority it needed for the proposal to passduring a PKPU hearing last week, Jack Noonan, chief executive of offshoot BLT Chembulk, says the result of should not be viewed as an “outright defeat”.

“We met a significant enough majority to warrant a second vote by the claimant creditors,” he told TradeWinds. “We need only to have one or more secured creditors to vote in favour of the plan to obtain the necessary majority.