APPs creditors reject proposal for repayment

News by

12 December 2002

A group of key creditors of debt-laden Asia Pulp & Paper (APP) has rejected the terms of a repayment deal, putting in doubt a resolution to the companys financial woes (<i>PrintWeek</i>, 23 February 2001).

The bondholder committees steering group, which represents about 1.7bn ($2.8bn) of APPs 9bn debt, expressed severe concerns about recent developments in the companys debt restructuring programme.

The work-out process is being led by the Indonesian Bank Restructuring Agency (IBRA), and the bondholders were worried that the deal didnt include sufficient measures to ensure that the Widjaya family, APPs founding shareholders, stuck to the repayment terms of any agreement.

Printweek welcomes informed debate, but please read our House Rules before posting

Have your say in the Printweek Poll

Latest comments

"It's wrong to assume the Chinese are behind the curve on automation - it used to be the case that manual processes were kept becuase it was cheaper to use them than buy the automated equipment,..."