Trouble continues to mount for Asia Pulp & Paper (APP); the group faces the threat of fresh legal action, while two subsidiaries are to make late interest payments after threats from creditors (PrintWeek, 4 May).
PT Indah Kiat Pulp & Paper and PT Lontar Papyrus Pulp & Paper each agreed to make late interest payments on 61.5m ($88.5m) of bond issues after creditors threatened legal action, such as bankruptcy proceedings, if they failed to pay.
Last month Indah Kiat missed a 2.7m payment on its bond issue, due to the financial problems besetting its parent.
Singapores High Court has also found in favour of AHC Enterprises Pte over some 449,000 (S$1.17m) owed, with fellow APP supplier Magnesium Elektron filing a lawsuit for just over 1m for contract related facilities, overdraft and guarantees outstanding.
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