CHINA FISHERY GROUP
One of the more complex debt restructuring cases is that of the China Fishery Group, a Singapore-listed company involved in fishmeal and fish oil production. Negotiations on its debt restructuring could take between six months and two years. Discussions have to take place between creditors and the company on cash and company receivables, among other matters.
BERLIAN LAJU TANKER
Berlian Laju Tanker (BLT), a liquid bulk cargo firm listed on the Singapore and Indonesian bourses, sought a moratorium from the Singapore court against creditors while it restructured its debts. Petitions were presented in the US courts seeking recognition of the Singapore proceedings under Chapter 15 of the US Bankruptcy Code. The US courts granted an interim injunction against all enforcement against BLT's vessels by creditors.