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Viewing cable 09JAKARTA819, PRESS REPORT OF ASIA PULP AND PAPER SETTLEMENT WITH

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Reference ID Created Released Classification Origin
09JAKARTA819 2009-05-11 09:52 2011-08-24 01:00 UNCLASSIFIED//FOR OFFICIAL USE ONLY Embassy Jakarta 
VZCZCXYZ0000
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 
 
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