More Good News for Bad Debtors
Three subsidiaries of Raja Garuda Mas, a diversified group of companies owned by ethnic Chinese businessman Sukanto Tanoto, have again asked for a restructuring of millions of dollars they owe.
February 27, 2001
PT Riau Andalas Pulp and Paper (TAPP), PT Riau Andalas Kertas (RAK) and PT Riau Prima Energi (RPE), known collectively as Riau Complex, sent a letter last week to 11 creditor banks, including Bank Negara Indonesia and Bank Mandiri, once again asking for more time to settle the group’s US$1.3 billion debt.
Dated February 22, the letter elaborated on the financial difficulties faced by the three companies because of falling pulp and paper p
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