Debt-ridden Asia Pulp & Paper (APP) is to deliver a proposed restructuring plan of its 9.3bn ($13bn) debt to some of its creditors by the end of November this year, and hopes to finalise a plan by the end of March 2002 (PrintWeek, 20 July).
The move was announced following a meeting with its steering committee representing the bondholders of APP and its subsidiaries.
We are committed to working with our creditors to reach agreement of a restructuring plan at the earliest practicable time, said APPs chief financial officer, Hendrik Tee.
At the meeting APP said it expects to have audited financial statements for the year ended 31 December 2000 available for its principal Indonesian operating subsidiaries by the end of September 2001.
These include PT Indah Kiat Pulp & Paper, PT Pabrik Kertas Tjiwi Kimia, PT Pindo Deli Pulp and Paper Mills, and PT Lontar Papyrus Pulp & Paper Industry, as well as its Chinese holding company APP China Group.
APP shares have been delisted from the New York Stock Exchange, whilst its Indonesian units of Indah Kiat and Tjiwi Kimia have been suspended for failing to submit financial statements.
Story by Andy Scott
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