Perhaps tycoon Eka Tjipta Widjaya could be proclaimed King of Debt now that his major company, Asia Pulp & Paper, has total liabilities to banks, export credit agents, and bondholders of US$13.4 billion. In the meantime, its debt to Bank International Indonesia (BII), now transferred to Indonesian Banking Restructuring Agency (IBRA) has reached nearly Rp13 trillion.

In its earlier days, APP never failed to repay its debts. Then the compa