The analysis of default bonds in a company: case study of PT Arpeni Pratama Ocean Line tbk
Bond is one of the debt securities that a company can acquired as a capital debt tornsupport its financial problematic. Despite the fact that there are some requirementsrnthat the issuer should be noticed about, which are paying the coupon or the interestrnpayment of the bonds and repaid the principal value of the bond as it is matured. Oncernthe company or the issuer did not pay the coupon on time, there must be any reasonsrnof the lateness of the payment or else the bond could be said default.rnThe research will focus on the PT Arpeni Pratama Ocean Line Tbk as the company orrnthe bond issuer and will be using the company?s financial statements for year 2005 ?rn2010. Due to the importance of the punctual in payment, lateness of a couponrnpayment will further affect the company?s performance.rnThe research will be conducted by analyzing the financial data of the company tornknow the factors of the lateness of the coupon payment and regression analysis torndiscover relationship between dependent variable and independent variables of thernmodel.rnThis research was proved to be true as the result shows that PT Arpeni Pratama OceanrnLine Tbk was having tough years during year 2008 until 2010. During year 2008 untilrn2010 PT Arpeni Pratama Ocean Line Tbk?s ability to generate cash is declining and it automatically will decrease the net income as well. Then its ability to cover up itsrninterest obligation also declining as it is having a cash shortage. Thus, the probabilityrnof the bond becoming default is getting closer because of its ability is weakened.
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