September 15, 2008 / 3:08 AM / 11 years ago

Indonesia's APP units say settle with creditor Oaktree

JAKARTA, Sept 15 (Reuters) - Asia Pulp & Paper Co Ltd (APP), the Indonesian group which defaulted on debts of $14 billion in 2001, said on Monday it had reached a settlement with one of its creditors, Oaktree Capital Management, a U.S.-based fund.

APP is controlled by the Widjaja family, which regularly ranks among the richest in Indonesia and whose Sinar Mas group has interests in property, banking and palm oil plantations.

PT Indah Kiat Pulp & Paper Tbk (INKP.JK), PT Lontar Papyrus Pulp & Paper Industry, Asia Pulp & Paper Co Ltd., along with affiliates, and certain funds managed by Oaktree Capital Management, agreed a “full and final settlement” of all litigation and disputes outstanding between them, APP said in a statement.

Terms were not disclosed. (Reporting by Sara Webb, Editing by Ed Davies)

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