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Article: EXPORT-IMPORT BANK OF THE UNITED STATES WINS SUMMARY JUDGMENT AGAINST ASIA PULP & PAPER COMPANY IN SUIT TO RECOVER MORE THAN $104 MILLION

Article from:
US Fed News Service, Including US State News
Article date:
February 11, 2008
Copyright

The Export-Import Bank of the United States issued the following press release:

A federal court in New York City has ruled in favor of the Export-Import Bank of the United States (Ex-Im Bank) and granted summary judgment in the Bank's civil suit to recover more than $104 million in defaulted loans from Asia Pulp & Paper Company (APP) - a Singapore-based manufacturer of paper products - and three of its principal Indonesian operating companies.

In March 2001, APP announced that it would cease repayment of its worldwide debts, which totaled approximately $13.9 billion. After this announcement, Ex-Im Bank participated in extensive discussions with APP and its Indonesian operating ...

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