Widjaja family said buying APP debt<\/p>\n
A senior member of the Indonesian family that controls Asia
\nPulp & Paper Co., the largest corporate defaulter in emerging
\nmarkets history, has admitted family companies have been buying
\nAPP's distressed bonds, the Financial Times reports in an article
\non its Web site.<\/p>\n
The article says that in an interview with the Financial Times
\non Thursday, a member of the Widjaja family intimately involved
\nin negotiations with creditors said companies from the family's
\nSinar Mas group had been buying APP bonds since the pulp and
\npaper group's March 2001 default on US$13.9 billion in debt.<\/p>\n
The moves, insisted the family member, who asked not to be
\nidentified, were \"commercial\" and fell within legal restrictions
\non related-party transactions.<\/p>\n
They weren't, the family member told the FT, intended to
\nmanipulate any restructuring of APP's debts as creditors have
\nalleged.<\/p>\n
The APP group itself, he said, had never bought its own bonds.<\/p>\n
Three years ago, the Singapore-based APP defaulted on its huge
\ndebts, and restructuring talks have been underway ever since.<\/p>\n
Early this year, APP signed an initial restructuring agreement
\nfor its huge $6.7 billion debts owed by the company's four
\nIndonesian units: PT Indah Kiat Pulp & Paper, PT Tjiwi Kimia, PT
\nPindodeli Pulp & Paper and PT Lontar Papyrus Pulp & Paper
\nIndustries. -- Dow Jones<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/widjaja-family-said-buying-app-debt-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}