Arpeni Misses Bond Payment

Indonesia’s PT Arpeni Pratama Ocean Line (“Arpeni”) has failed to pay the semi-annual coupon on its USD notes which was due 03 May 2009. The original size of the 8.75% bond issue was USD 160 million, but the outstanding amount is USD 140.85 million. According to Fitch Ratings (“Fitch”), Arpeni has 30 days from the due date to pay the coupon to avoid a default and the credit rating agency believes that the company may have faced a temporary liquidity issue, which could be related to its derivatives contracts. Arpeni has been involved in derivative contracts aimed at managing interest costs and fuel hedges.

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