The hottest legal action on two U.S. creditors Asi

2022-08-22
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Asia Pulp and paper (APP) will defend the legal actions of two U.S. creditors

Lianhe Zaobao Jakarta Bloomberg Asia Pulp and paper group said it would defend the legal actions of two U.S. creditors to defend the assets of its companies. Asia Pulp and Paper Group (APP), the largest pulp and paper mill in Asia outside Japan, said that it would defend the legal action taken by the Chinese people in an interview with reporters of the US Legal Evening News, two companies holding corporate bonds, in the Indonesian district court. The latter tried to confiscate the assets of its companies

Oaktree capital management and Gramercy consulting, two U.S. hedge fund companies that hold the bonds of companies under the Asian pulp and paper group, said this week that the pongarys District Court in Sumatra accepted their application for the foreclosure of the assets of Pt Indah Kiat

the so-called foreclosure refers to the mortgagee's application to the court for the issuance of a decree due to the borrower's default in repayment, which cancels the borrower's right to redeem the mortgaged assets, and the collateral is absolutely owned by the mortgagee

teguh Ganda Wijaya, the eldest son of rich Indonesian businessman Huang Yichong, President of Asia Pulp and paper group, said: "this mandatory action is completely inconsistent with the out of court debt restructuring agreement agreed by everyone. This agreement has been implemented for two and a half years."

in fact, the last one can also be seen as a short process of energy transfer from the outside to a structural system! There are three ways to pay attention to its impact experiment: in August, Asian pulp and paper industry said that creditors, including Indonesian bank restructuring institutions, Japan and Europe, that is, export credit institutions in Europe, signed a debt restructuring agreement, which involved the debt restructuring of its Indonesian companies, which accounted for about half of Asia Pulp and Paper Group's $14billion (S $24.2 billion) debt

Asia Pulp and paper group did not win the support of most of its creditors, and some creditors said they would not sign the agreement. Last month, the Export Import Bank of the United States sued Asia Pulp and Paper Group in a U.S. court, asking it to repay $104 million in debt, according to the National Bureau of statistics

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