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42 of Bina Buana Raya's vessels may be confiscated

03 July 2020 06:03

JAKARTA. PT Pelayaran Nasional Bina Buana Raya (BBRM) announced that its entire fleet of vessels used as collateral will be confiscated, because its creditors did not agree with the results of re-profiling in the restructuring agreement.

Sufisan, Corporate Secretary of BBRM, explained that in 2018, the company had made a restructuring agreement with four creditors, namely CIMB Bank Berhad, DBS Bank Ltd., Malayan Banking Berhad, and United Overseas Bank Ltd. These four banks agreed to restructure the company's debt, under the condition that BBNR reprofiles its financial performance.

However, on 30 June 2020, said Sufisan, the re-profiling period had ended. However, the four creditors rejected the re-profiling results, so the restructuring agreement had to be ended.

"Creditors can demand payment at any time and take ownership of the vessels used as collateral," Sufisan said in the company's disclosure.

According to the data collected by idnfinancials.com, BBRM has as many as 45 units of vessels that support its operations. As many as 42 of them are used as collateral.

For information, BBRM has suffered losses for 5 consecutive years since 2015. (KR/AR)

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