March 12, 2001: APP unilaterally defaults on its debts totaling

March 12, 2001: APP unilaterally defaults on its debts totaling
some US$13.9 billion, one of the world's largest corporate
defaults in emerging markets

November 2001: IBRA becomes APP creditor after taking over its
liabilities from Bank Internasional Indonesia (BII), a financial
arm of APP's founding father Eka Tjipta Widjaja family

June 15, 2002: IBRA and Export Credit Agency (ECA), representing
foreign creditors, signs an MOU allowing IBRA to lead the
company's debt restructuring process on APP's four Indonesian
units, which owe US$6.7 billion in total

Dec. 18 2002: IBRA and APP reach a milestone agreement which
forms the basic essence of the crucial debt rescheduling owed by
the four Indonesian companies

June 6, 2003: ECA finally agrees on a debt restructuring
mechanism proposed by APP, with additional clauses including a
default mechanism

June 10, 2003: Official signing of non-binding agreement between
APP and representatives of its creditors