Berlian Laju Shipping Units Seek Ch. 15 Lifelines

Law360, New York (March 14, 2012, 6:58 PM EDT) -- Units of Indonesian chemical and oil shipper PT Berlian Laju Tanker Tbk. filed for Chapter 15 bankruptcy protection in New York on Wednesday to fend off creditor claims as the company floats reorganization proposals in Singapore.

The filings by Chembulk New York Pte. Ltd. and 12 other Berlian Laju subsidiaries aim to gain U.S. recognition of the company's foreign restructuring. In their petitions, several units listed assets and liabilities of between $50 million and $100 million each.

The move comes a day after the major Asian...
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