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inancially troubled oil- and gas-shipping line PT Berlian Laju Tanker (BLTA) was finally able to breathe a sigh of relief after the majority of its creditors approved its debt restructuring proposals during a vote in Jakarta on Thursday.

The vote, supervised by the Jakarta Commercial Court, was held for Berlian Laju’s creditors to decide whether or not they would accept the proposals.

It was the second vote after the publicly listed firm failed to reach an agreement with its creditors last Friday.

The vote was attended by representatives of all six secured creditors and 216 unsecured creditors. As many as 21 unsecured creditors did not attend the vote.

For the proposal to be accepted, Berlian Laju needed to get approval from a majority of creditors — in terms of numbers — and a majority of two thirds in debt value of both its unsecured and secured creditors.

The company gained approval from 151 of 216 unsecured creditors present, which represented 70 percent in number and 82 percent of debt value of the unsecured creditors.

The highlight of the vote was when Berlian Laju acquired 100 percent approval from its secured creditors.

Major secured creditors Mizuho Bank and state-owned Bank Mandiri, who voted against Berlian Laju’s restructuring plan during the first vote, gave their approval after the firm presented them with renewed proposals.

Under the new proposals, all debts to secured creditors—amounting to Rp 903.2 billion (US$92.6 million) — will be paid within a 10-year timeframe.

Under the previous plan, debt repayment periods had varied among secured creditors, for example 10 years for Mandiri, 10 years for Mizuho and four years for privately owned bank BCA.

The shipping firm has been debt-strapped following its acquisition of the $850 million US-based chemical tanker company Chembulk Tankers LLC in 2007.

The acquisition was carried out by subsidiary Asean Maritime Association and Berlian Laju turned to loans to finance the purchase.

It has outstanding debts of $1.9 billion, $418 million of which are in the form of principal payments. In early 2012, it froze repayment of the $418 million due that year.

After the vote, Berlian Laju president director Widihardja Tanudjaja said that the results signified that the creditors still wanted the firm to operate, adding that it was no longer in jeopardy.

Meanwhile, Mandiri legal representative Junaidi Tirtanata said that the bank accepted the proposals because the changes were in line with what it wanted.

“The sales of six ships will also help accelerate the debt repayments, but we do not know yet how much funds the sales will generate. It will depend on several factors, such as market price,” he said.

The six ships had been secured by Mandiri.

The Jakarta Commercial Court’s panel of judges is scheduled to assemble next Monday to discuss the vote’s results.