Arpeni Dollar Bondholders Complete Exchange in Bankruptcy Case

U.S. dollar bondholders involved in PT Arpeni Pratama Ocean Line’s bankruptcy case received new notes or cash in exchange for their $141 million in debt, according to Robert Schmitz, Asian head of debt advisory and restructuring at NM Rothschild & Sons Ltd. said.

The Jakarta-based shipping company has been in a $640 million two-year long bankruptcy, said Schmitz, who is advising the firm on the case. Arpeni also completed a $75 million rights offer yesterday, according to Schmitz.

A call to Arpeni company secretary Ronald Nangoi today seeking comment on the exchange went unanswered.

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