APP to meet export credit agencies

Fri, 23 May 2003, 00:00 WIB | Source: AGENCIES

JAKARTA: Asia Pulp & Paper Co. will meet key creditors tomorrow
to discuss their proposal for protection from a second debt
default, the head of the Indonesian Bank Restructuring Agency
(IBRA) said.

The meeting was delayed on Wednesday as the export credit
agencies owed the bulk of the outstanding debt of more than US$13
billion hammered out details of their proposal, IBRA chief
Syafruddin Temenggung told reporters on the sidelines of an
investor forum.

The creditors include Japan's Nippon Export & Investment
Insurance and export credit agencies from the U.S. and
Germany.

Asia Pulp has been negotiating a debt recast with lenders
after a default 27 months ago, the success of which is key to
restoring investor confidence in Indonesia. IBRA, which is owed $1
billion, is mediating in the debt talks between the company and
overseas lenders. -- Bloomberg

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