Shipping company PT Arpeni Pratama Ocean Line Tbk (APOL), that is controlled by Indonesian businessman Oentoro Surya, has reached a debt restructuring with rupiah bond holders, US dollar bond holders, and banks. The agreement, said Oentoro Surya, Arpeni President Director, will put into effect on January 30 2012.
As reported by Bisnis Indonesia today, Oentoro, a younger brother of Hadi Surya, controlling shareholder of PT Berlian Laju Tanker Tbk (BLTA), said the debt restructuring will be applied in some mechanism such as bond buyback, bond rescheduling, and warrants issuance.
In total, Arpeni has obligation of US$210 million, consisting of US$141 million debt and bonds and MTN of Rp750 billion.
Oentoro also said as the company has achieved the agreement, it has submitted a request to remove stock halting to Indonesia Stock Exchange (IDX). The IDX has asked Arpeni Ocean Line to hold a public expose.
He said controlling shareholders, PT Mandira Sanni Pratama, has committed to sustain Arpeni and exercise non-preemptive rights of US$75 million.
Disclosure: No position at the stock mentioned above.
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