Asia Pulp & Paper Company (APP) has announced preliminary agreements on the restructuring of its Indonesian operations between the Indonesian Bank Restructuring Agency (IBRA) and each of APP’s principal Indonesian subsidiaries (PIOCs).
IBRA has presented the preliminary agreements to representatives of creditor committees representing a number of APP Group’s principal creditors in the proposed restructuring of the group’s outstanding debt. IBRA and each of the PIOCs propose to negotiate definitive restructuring documentation that will contain detailed debt restructuring terms and implementation provisions based on the terms set out in the preliminary agreements.
It is hoped that definitive restructuring documentation will be signed by each of the PIOCs and creditors by 31 May 2003 and implemented thereafter. The preliminary agreements are subject to Indonesian Financial Sector Policy Committee approval.
16-Dec-2002
