Asian Paper Co. Seeks Recognition Of $612M Bankruptcy

By Rick Archer (August 16, 2019, 3:44 PM EDT) -- The Indonesian subsidiary of the Asian Pulp & Paper group on Friday asked a New York bankruptcy court to recognize its Irish insolvency proceedings, saying its creditors have overwhelmingly endorsed its plan to restructure $612 million in debt.

In its filings, PT Indah Kiat Pulp & Paper Tbk asked the court to "safeguard" a restructuring agreement that took effect six months ago, saying its creditors had received a far better deal than they would have in liquidation.

Indah Kiat was founded in 1994 as a subsidiary of Singapore-based APP and supplies pulp to APP's paper mills.

In 2001, APP defaulted on...

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