VIVAnews - PT Indah Kiat Pulp & Paper Tbk., PT Lontar Papyrus Pulp & Paper Industry, Asia Pulp & Paper Company Ltd. (APP), and several business units which are under Gramercy Advisors LLC's supervision agreed to end their legal dispute.
Gramercy has sold all APP's bonds controlled by the company.
The settlement agreement is resulted from sales to a third party which comprises settlement to every dispute and odds between APP and Gramercy's business units.
The settlement also focuses on cancelling every cases as well as other legal efforts between APP and Gramercy in Indonesia, the United States, and Singapore.
The decision was part of a significant comeback from APP and Sinar Mas Grup.
PT Indah Kiat & Pulp Paper Tbk. Director Yan Partawijaya confirmed the settlement of the legal dispute.
He said that the case was triggered by debt restructuring processes between the company and the bond holders of US dollar. As one of the creditors, Gramercy Advisors LLC stated earlier that they would not obey APP's debt proposal.
"However, 93 percent of the creditors agreed [with the proposal]," he told VIVAnews in Jakarta on Sunday, May 10.
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Translated by: Ariyantri E. Tarman
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