Creditors approved SAIP proposal

Paper manufacturer PT Surabaya Agung Industri Pulp & Kertas (SAIP) Tbk had received approval from its Tranche A creditors for the extension of interest and principal payments period due to financial crisis.

SAIP told Indonesia Stock Exchange (IDX) today that ZT Holding Pte Ltd and Orientalsky Corporation Pte Ltd had on June 18, 2009 given the approval letter, while Asia Capital Management Group gave similar approval letter on June 24. They represent 86% of Tranche A creditors. 

READ MORE!!!