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.
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"I'm sure this will go down well with print supply chain vendors. What terms is it that ADM are after - 180 days is it?"
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Unencumbered assets that weren't on the Reflections books, I believe.
Best regards,
Jo"
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