Debt-laden Asia Pulp & Paper (APP) has won a reprieve from one of its creditors after Magnesium Elektron ended its 1.1m ($1.55m) lawsuit at Singapores High Court.
However, another creditor, Citibank, has filed a 1.7m claim against the worlds fourth largest paper manufacturer, which will be heard at a later date. APP is currently restructuring debts of 9.3bn.
The news follows the suspension of APP shares on the New York Stock Exchange (NYSE) after its 30-day average share price dipped below $1.
The NYSE said it would apply to the US Securities and Exchange Commission for the firms de-listing.
Buhrmann Group subsidiaries, including Robert Horne and Howard Smith Paper, have stopped trading with APP after Friends of the Earth attacked the companys forest sustainability methods.
Last month APP was ordered to pay Union de Banques Arabes et Francaises 9.3m along with 5.3m to Dutch bank Fortis (PrintWeek, 15 June).
Another Dutch bank, ABN Amro, dropped three actions against APP in May.
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"I walked away from working with these people, too much effort for little reward! nice people, wish them all the best for the future!"
"Does that mean we'll have to think up a new name for fine white-glazed porcelain ceramics? How about Spode? Or is that a bit too, well, English?"
"“Eucalyptus globulus is five to seven times more productive than Nordic Pine and requires significantly less wood (up to 40% less) to produce the same amount of paper."
"The company added..."
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