(Eyes on the Forest, Sumatra, 27 March 2012) Asia Pulp & Paper (APP) has been accused of a “double default” on international creditors, after an investigation revealed that the company has decimated tropical forests it promised to conserve under “legally binding” debt restructuring agreements with export credit agencies. The 2004 agreements covered the restructuring of $6 billion in debt to the taxpayer-backed export credit agencies of Germany, Japan, France, Austria, Sweden, Finland, Italy, Spain and Denmark.
