APRIL's unit misses payment

Fri, 24 Jul 1998 | Source: REUTERS

SINGAPORE (Reuters): A unit of Indonesia's Asia Pacific Resources International Holdings Ltd (APRIL) has been declared in default, a statement from Aperchance Company Ltd said yesterday.

Aperchance, a unit of ABN Amro Trust, said it was declaring a default against PT Riau Andalan Pulp & Paper (RAPP), a subsidiary of APRIL, which is listed on the New York Stock Exchange.

It said RAPP failed to honor commercial papers due July 16, 1998, totaling US$5 million.

RAPP is currently rated CCC- by Standard & Poor's International.

Officials from APRIL, a leading paper and pulp producer that is domiciled in Singapore, were not immediately available for comment.

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