Finnally, APP agreed with Gramercy

Asia Pulp & Paper Co., which defaulted on $14 billion of debt after the 1998 Asian financial crisis,
said it agreed to a debt revamp plan with Gramercy Advisors LLC, one of the creditors.
Gramercy sold its debt to a third party ( a unit of Sinar Mas Group) , and stopped
all legal proceedings against the Indonesian company and its units, Asia Pulp said in an e-mailed statement in Jakarta.
It didn't give financial details or say who bought the debt.
Asia Pulp's controlling Widjaja family has been wrangling with creditors since freezing payments on the record $14 billion of debt in 2001. The latest agreement follows a deal reached by
Asia Pulp' s unit PT Indah Kiat Pulp & Paper, with another creditor, Oaktree Capital Management LP in September.
The U.S. Export-Import Bank is still fighting its case in courts.
Gandi Sulistiyanto Soeherman, vice chairman of Asia Pulp's debt-revamp panel, did'nt wont to elaborate financial detail.
A group of creditors that provided unsecured loans to Indah Kiat and two other Indonesian units of Asia Pulp agreed to restructure the debt in 2004. Several others, secured creditors
including U.S. Export-Import Bank and hedge funds Gramercy and Oaktree, sued.
Asia Pulp resumed payments to overseas creditors, including JPMorgan Chase & Co. and Goldman Sachs Group Inc., in April 2005.
Under the agreement, Asia Pulp will repay creditors about $4.2 billion over 13 years and a further $2.5 billion in 18 to 22 years. About $6 billion of the debt is effectively included
in the agreement because creditors holding only 93 percent of debt endorsed the final plan.