Identifier
Created
Classification
Origin
09JAKARTA819
2009-05-11 09:52:00
UNCLASSIFIED//FOR OFFICIAL USE ONLY
Embassy Jakarta
Cable title:
PRESS REPORT OF ASIA PULP AND PAPER SETTLEMENT WITH
how-toVZCZCXYZ0000 RR RUEHWEB DE RUEHJA #0819 1310952 ZNR UUUUU ZZH R 110952Z MAY 09 FM AMEMBASSY JAKARTA TO RUEHC/SECSTATE WASHDC 2301 INFO RUEATRS/DEPT OF TREASURY WASHDC RUCPDOC/USDOC WASHDC 1572 RUEHGP/AMEMBASSY SINGAPORE 6527 RUEAIIA/CIA WASHDC
UNCLAS JAKARTA 000819
SENSITIVE
SIPDIS
DEPARTMENT FOR EAP/MTS, EAP/EP, EEB/IFD/OIA and EEB/IFD/ODF
SINGAPORE FOR S. BAKER
TREASURY FOR M.NUGENT AND T.RAND
COMMERCE FOR 4430 NADJMI
DEPARTMENT PASS FEDERAL RESERVE SAN FRANCISCO FOR CURRAN
DEPARTMENT PASS EXIM AND OPIC
E.O. 12958: N/A
TAGS: ECON EFIN EINV ID
SUBJECT: PRESS REPORT OF ASIA PULP AND PAPER SETTLEMENT WITH
GRAMERCY ADVISORS
REF: 2008 Jakarta 1760
UNCLAS JAKARTA 000819
SENSITIVE
SIPDIS
DEPARTMENT FOR EAP/MTS, EAP/EP, EEB/IFD/OIA and EEB/IFD/ODF
SINGAPORE FOR S. BAKER
TREASURY FOR M.NUGENT AND T.RAND
COMMERCE FOR 4430 NADJMI
DEPARTMENT PASS FEDERAL RESERVE SAN FRANCISCO FOR CURRAN
DEPARTMENT PASS EXIM AND OPIC
E.O. 12958: N/A
TAGS: ECON EFIN EINV ID
SUBJECT: PRESS REPORT OF ASIA PULP AND PAPER SETTLEMENT WITH
GRAMERCY ADVISORS
REF: 2008 Jakarta 1760
1. (U) On May 10, local English-language daily Jakarta Globe
published an article (Bloomberg) reporting that PT Asia Pulp and
Paper (APP) had agreed to a debt settlement with creditor Gramercy
Advisors. The article reported that Asia Pulp and Paper said
Gramercy had sold its debt to a "third party" and stopped all legal
proceedings against the company, without providing financial details
or identifying the party which bought the debt.
2. (U) This reported settlement of debt defaulted on in the wake of
the 1998 Asian financial crisis follows a deal reached by APP-unit
PT Indah Kiat Pulp and Paper with creditor Oaktree Capital
Management in 2008 (see reftel). Gandi Sulistiyanto Soeherman,
identified as vice chairman of APP's debt settlement panel, was
quoted in the article as stating "We hope we can have a similar
settlement with U.S. Exim."
3. (U) Post stands ready to be of assistance to U.S. Ex-Im should it
be interested in pursuing such a settlement.
HUME
SENSITIVE
SIPDIS
DEPARTMENT FOR EAP/MTS, EAP/EP, EEB/IFD/OIA and EEB/IFD/ODF
SINGAPORE FOR S. BAKER
TREASURY FOR M.NUGENT AND T.RAND
COMMERCE FOR 4430 NADJMI
DEPARTMENT PASS FEDERAL RESERVE SAN FRANCISCO FOR CURRAN
DEPARTMENT PASS EXIM AND OPIC
E.O. 12958: N/A
TAGS: ECON EFIN EINV ID
SUBJECT: PRESS REPORT OF ASIA PULP AND PAPER SETTLEMENT WITH
GRAMERCY ADVISORS
REF: 2008 Jakarta 1760
1. (U) On May 10, local English-language daily Jakarta Globe
published an article (Bloomberg) reporting that PT Asia Pulp and
Paper (APP) had agreed to a debt settlement with creditor Gramercy
Advisors. The article reported that Asia Pulp and Paper said
Gramercy had sold its debt to a "third party" and stopped all legal
proceedings against the company, without providing financial details
or identifying the party which bought the debt.
2. (U) This reported settlement of debt defaulted on in the wake of
the 1998 Asian financial crisis follows a deal reached by APP-unit
PT Indah Kiat Pulp and Paper with creditor Oaktree Capital
Management in 2008 (see reftel). Gandi Sulistiyanto Soeherman,
identified as vice chairman of APP's debt settlement panel, was
quoted in the article as stating "We hope we can have a similar
settlement with U.S. Exim."
3. (U) Post stands ready to be of assistance to U.S. Ex-Im should it
be interested in pursuing such a settlement.
HUME