Court rejects bankruptcy petition against Arpeni
Thursday, October 28 2010 - 02:38 AM WIB
Panel of judges at the Central Jakarta Commercial Court ruled on Thursday in favor of Indonesian listed shipping firm PT Arpeni Pratama Ocean Line Tbk as it dismissed the bankruptcy petition filed by South Korean company Korean Securities Finance Corporation
The court?s chief judge Pramodana K. Kusumaatmadja said that the bankruptcy petition filed by the Korean company was rejected because it had failed to meet the requirements stipulated in the bankruptcy law.
He said that Korean Securities has requested the court to declare Arpeni bankrupt for being unable to pay its debts worth about US$2.15 million. But, he said, that the debt dispute was too complicated to be tried at the commercial court.
Arpeni is Indonesia? top coal transporter with a 76-strong fleet, including 9 Panamax, 1 Capesize vessels and 22 barges, 27 tug boats and 10 floating cranes.
The company is a major transporter of coal in the country (*)