Last week's move by Asia Pulp & Paper of Singapore and Asia Pulp & Paper of China to stand still and stop repaying their debts shows that the two subsidiaries of the Sinar Mas Group, the biggest issuer of debentures on the emerging market, have given up all hope of ever being able to meet their debt obligations. The job of restructuring their debts now falls on Credit Suisse First Boston and the Indonesian Bank Restructuring Agency (IBRA).