APP to sign restructuring deal<\/p>\n
Asia Pulp & Paper Co. (APP) is expected to sign a long-awaited
\nrestructuring agreement with key creditors on Thursday, which
\nwould pave the way for the restructuring of its giant US$6.7
\nbillion debt.<\/p>\n
APP will sign a master restructuring agreement with export-
\ncredit agencies of 11 countries - including the U.S., Japan and
\nseveral European nations - and the Indonesian Bank Restructuring
\nAgency (IBRA), which is the company's largest creditor.<\/p>\n
The agreement is the product of months of wrangling between
\ncreditors and APP, which stopped making payments on its total
\n$13.9 billion debt over two years ago.<\/p>\n
The company, which is based in Singapore but has operations in
\nIndonesia and China, owes some $13.9 billion in debts to hundreds
\nof foreign creditors ranging from the export credit agencies, to
\npension funds and individual bondholders. It has stopped making
\npayments on the debts since two years ago. The debt of the
\nIndonesian operations totaled $6.7 billion. -- JP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/app-to-sign-restructuring-deal-1447893297",
"image": ""
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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