PT Arpeni Pratama Ocean Line's Chapter 15 recognition first for Indonesian restructuring
Clients PT Arpeni Pratama Ocean Line
Jones Day advised PT Arpeni Pratama Ocean Line, a key Indonesian listed shipping company, in its Chapter 15 filing before the U.S. Bankruptcy Court for the Southern District of New York. On January 12, 2012, the U.S. Bankruptcy Court entered an order recognizing PT Arpeni's insolvency proceeding in Indonesia and extending comity to PT Arpeni's plan to restructure in excess of US$489 million in debt, including U.S. issued notes in the amount of US$141 million. This is the first time a US Bankruptcy Court has recognized a proceeding under Indonesia's insolvency law.