Arpenis restructuring plan unclear

JAKARTA: PT Arpeni Pratama Ocean Line Tbk was considered unserious in its restructuring plan, pushing PT Bank Rakyat Indonesia to ask the company to submit the business plan early next month.Bank Rakyat Indonesia (BRI) is the trustee of Arpenis bond II/2008. Arpeni Pratama (APOL-coded stock) failed to pay the coupon rates for its 11 and 12 bond worth IDR51.55 billion.Meanwhile, the plan to bring a new strategic partner to support the listed shipping company has never been any clearer.According to Bureau Head of Financial Assessment of Service Company at Capital Market and Financial Institutions Supervisory Agency Gonthor Ryantory Aziz said that the market watch dog has called Arpeni to give clarification on the company's condition, following the default, and the unreleased financial report of 2010.The thrustee [BRI] and Arpeni have met twice. Arpeni [to settle its bond rates case] has delivered two options, namely restructuring plan by looking for strategic partner and corporate action including right issue and others, he said.Gonthor said Arpeni finally decided to look for strategic partner.However, as he said, BRI and Arpeni have not yet made a deal on picking up the future advisor for corporate finance.Until now, there is no serious deal between Arpeni and BRI on the financial advisor. BRI also insisted that the financial advisor shall come from independent party, he said.President Director of Arpeni Oentoro Surya, Corporate Secretary of Arpeni Ronald Nangoi and Finance Director Ateng Suhendra could not be contacted relating this issue. (T03/NOM)