VERY much like in a football match, the debt restructuring process of Asia Pulp & Paper (APP) has now entered injury time. After more than two years of restructuring, the final whistle has yet to be heard. The master restructuring agreement (MRA) has already been completed as planned, at the end of October last year. But unfortunately, APP has not yet obtained enough votes from its creditors in order to execute this MRA.

The company, wh