Where there's No Will... No Way
Creditors have rejected the debt restructuring proposal put forward by Asia Pulp & Paper. Although it was proposed that the debt repayment period be extended to 13 years, there was no mention of any debt-to-equity swap option.
February 12, 2002
From the point of view of its creditors, the attitude of the Sinar Mas Group is really very disappointing. Its aversion and insincerity as regards taking part in a proportional debt restructuring process are so evident that one gets the impression that the group really doesn't care. During debt restructuring negotiations, for example, it was hoped that the Sinar Mas subsidiary Asia Pulp & Paper (APP) would present a business plan in line
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