Arpeni delays bond payments

Jakarta: Indonesian shipowner Arpeni Pratama Ocean Line is delaying payments to bondholders. Arpeni said it did not believe it would be able to make the interest payment that was due on 3 November to 8.75% guaranteed secured notes due in 2013. The company said it would not be able to make the payment "until sometime in January 2011". Arpeni has requested noteholders waive defaults and exercising remedies until 31 January 2011 and the restructuring of the notes. [11/11/10]