LIKE a leather puppet show, the debt restructuring of Asia Pulp & Paper (APP) is entering the turbulence scene or goro-goro. The plan of the Indonesian Bank Restructuring Agency (IBRA) to sell the debts to Sinar Mas Group firms has triggered controversy.

A slight flashback shows that the giant paper company's master of restructuring agreement (MRA) was signed by APP and its creditors in October after protracted negotiations starting in 20