Trouble continues to mount for Asia Pulp & Paper (APP); the group faces the threat of fresh legal action, while two subsidiaries are to make late interest payments after threats from creditors (PrintWeek, 4 May).
PT Indah Kiat Pulp & Paper and PT Lontar Papyrus Pulp & Paper each agreed to make late interest payments on 61.5m ($88.5m) of bond issues after creditors threatened legal action, such as bankruptcy proceedings, if they failed to pay.
Last month Indah Kiat missed a 2.7m payment on its bond issue, due to the financial problems besetting its parent.
Singapores High Court has also found in favour of AHC Enterprises Pte over some 449,000 (S$1.17m) owed, with fellow APP supplier Magnesium Elektron filing a lawsuit for just over 1m for contract related facilities, overdraft and guarantees outstanding.
Have your say in the Printweek Poll
Related stories
Latest comments
"15 x members? Why don't they throw their lot in with the Strategic Mailing Partnership (SMP) and get a louder voice?"
"Some forty plus years ago I was at a "sales" training seminar and got chatting to the trainer after the session had finished.
In that conversation he told me about another seminar he had..."
Up next...
New owner is 'patient, committed investor'
Shareholders green light Royal Mail takeover
Two other tenders also available
House of Commons contingency printing tender live
Wide-format's gala expo
Visionaries welcome
Global Print Expo