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Bad Debts

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Tuesday, February 27, 2001

Three subsidiaries of Raja Garuda Mas, a diversified group of companies owned by ethnic Chinese businessman Sukanto Tanoto, have again asked for a restructuring of millions of dollars they owe.

arsip tempo : 172850898433.

. tempo : 172850898433.
PT Riau Andalas Pulp and Paper (TAPP), PT Riau Andalas Kertas (RAK) and PT Riau Prima Energi (RPE), known collectively as Riau Complex, sent a letter last week to 11 creditor banks, including Bank Negara Indonesia and Bank Mandiri, once again asking for more time to settle the group’s US$1.3 billion debt.

Dated February 22, the letter elaborated on the financial difficulties faced by the three companies because of falling pulp and paper p

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