APP reaches agreement with major creditors<\/p>\n
The Jakarta Post, Jakarta<\/p>\n
Singapore-based Asia Pulp & Paper Co. has reached an agreement
\nwith major creditors on environmental protection for the firm's
\naffiliates in Indonesia.<\/p>\n
The creditors comprise the export credit agencies of Germany,
\nJapan, France, Austria, Sweden, Finland, Italy, Spain and
\nDenmark.<\/p>\n
The so-termed \"environmental covenant\" will become an integral
\npart of Master Restructuring Agreements (MRAs) between the APP
\naffiliates and the creditors, while the MRAs are to become
\neffective when a defined threshold of creditor acceptance has
\nbeen met, according a media statement.<\/p>\n
The agreement has come since the export credit agencies
\nstudied the action taken by APP subsidiaries over the past 12
\nmonths with respect to the environment.<\/p>\n
During the period, according to the media statement, the APP
\nsubsidiaries set aside 77,000 hectares of production forests for
\nconservation to create a 165,000-hectare conservation area in
\nRiau, put in place practices and procedures to guarantee the
\nlegality of wood supply, secured new sources of plantation fiber
\nand developed plantations on wasteland.<\/p>\n
Besides, APP launched the Sustainability Action Plan last
\nFebruary to ensure the sustainability of its subsidiaries'
\noperations.<\/p>\n
APP is one of the world's leading pulp and paper companies and
\nis ranked number one in Asia, minus Japan. The combined pulp,
\npaper and packaging capacity of Indonesian subsidiaries,
\nincluding PT Indah Kiat Pulp & Paper and PT Pabrik Kertas Tjiwi
\nKimia, amounts to 6.3 million tons per year.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/app-reaches-agreement-with-major-creditors-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}