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.
Have your say in the Printweek Poll
Related stories
Latest comments
"Excellent kit. We looked at indexing extensively years ago and at the time there were two major players in the UK.
The cap ex involved was too big a risk for us at the time so we let it go.
This looks..."
"Ricoh launches the ability to print on card, blah, blah, blah, yawn! 🥱"
"An excellent business and nice people to work with. Such a shame to see this all disappear from the UK. Wishing you both the best in your future and enjoy retirement"
