APRIL restructures debts

JAKARTA (JP): Asia Pacific Resources International Holdings Ltd. (APRIL) said its pulp and paper subsidiaries in Indonesia had signed agreements for the restructuring of US$1.2 billion of their total $1.3 billion debts with major local banks and the Indonesian Bank Restructuring Agency (IBRA).

PT Riau Andalan Pulp & Paper (Riaupulp) and PT Riau Andalan Kertas (Riaupaper) as well as affiliated firm Riau Prima Energi, signed the debt restructuring agreements on Thursday, Singapore- based APRIL said in a statement.

It said the restructuring of the remaining debts, which involved foreign banks, was expected to be finalized soon.

APRIL has 98.5 percent of Riaupulp, which operates an 850,000 tons per year BHK pulp mill, and wholly owns APRIL Fine Paper, which controls 99.8 percent of Riaupaper. (cst)