Asia Pulp & Paper Co. said it has delayed its plan to build a $1.3 billion pulp and paper mill in Malaysia ``indefinitely.''
Late last week the company's 60 percent owned Malaysian unit, Borneo Pulp and Paper Sdn, said it was planning to raise about $1 billion to finance the project.
APP shares have fallen as much as 50 percent to a record low since it announced plans for the exchange offer, valuing the company at about a twentieth of its outstanding debt.
The company has to repay more than $2 billion by the end of next year. APP as a group owes more than $10 billion.
If the Malaysian mill project goes ahead, the company said it would be willing to sell its stake down to 20 percent, and it ``would not expect to be responsible for building or financing the project.''
Explore the September 2000 Issue
Check out more from this issue and find your next story to read.
Latest from Recycling Today
- Summa Equity acquires majority stake of Bollegraaf
- PTR adds new inside sales account manager
- Cascade Engineering distributes free carts in Flint, Michigan
- CMRA selects venue for nonferrous recycling event
- Biffa adds C&D recycling firm to its portfolio
- Cliffs lines up funding for Canadian acquisition
- BIR joins plastics life cycle effort
- Black mass analysis in the sights of equipment maker
