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Indonesia – SSEK Wins Deal of the Year Honours.

11 April, 2013

 

Soewito Suhardiman Eddymurthy Kardono has been recognized by the Asian-MENA Counsel for its involvement in one of the Deals of the Year for 2012. 


SSEK was honored for its role as Indonesian counsel in the restructuring of PT Arpeni Pratama Ocean Line. Michael Carl led the SSEK Team that handled one of the most complex debt restructurings in the history of Indonesia. The deal included debt restructuring, Indonesian bankruptcy and Suspension of Debt Payment 

Obligation (PKPU) proceedings, an arbitration in which SSEK represented Arpeni, US Chapter 15 proceedings and capital raising. 


Norton Rose acted as international counsel.


The Arpeni restructuring was the first instance in which a US bankruptcy court recognized equivalent proceedings in Indonesia. Mr. Carl and Ira Eddymurthy, one of SSEK’s founding partners, provided an expert opinion to the US bankruptcy court. 

Bloomberg noted that “the ruling may set an example for future Indonesian debt restructuring decisions, whereby a foreign court will accept a debtor’s home jurisdiction.”


“The current Indonesian insolvency regime is still very new.  We are honored to have had the opportunity to work with Arpeni and its creditors to set this important milestone in its development,” Mr. Carl said.  


SSEK was earlier recognized at the International Financial Law Review’s annual Asia Awards in Hong Kong for its involvement in the Arpeni deal.

 

For further information, please contact:

 

David Eyerly, SSEK
davideyerly@ssek.com

 

 

 

 

 

 

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