When the financial state of the Sinar Mas Group is unraveled, what appears is a long list of debts. The group's income has been badly hit by the free-fall of the price of pulp in the international market. Asia Pulp & Paper Co. Ltd. (APP) faces being delisted from US stock exchanges because its shares have failed to pick up from US$1.

Both pulp players and observers never expected that the price of pulp would reach its record low. Many coul