Table: The Rise and Fall of Asia Pulp & Paper

OCT. 1994

Widjaja family forms APP, putting its holdings into a new public company in Singapore

APR. 1995

Morgan Stanley, CSFB, and Nomura underwrite listing of APP ADRs on the New York Stock Exchange

FEB. 1996

APP begins borrowing heavily in international markets

JUNE 1997

Morgan Stanley is first Wall Street firm to underwrite APP debt

JULY 1997

Asian financial crisis hits

NOV. 1997-JULY 2000

APP borrows $4 billion in international markets

MAY 1998

S&P downgrades APP to CCC+

MAR. 2000

Morgan Stanley underwrites $403 million issue for China yielding 17%


APP successfully issues $100 million in bonds with a 30% yield

FEB. 2001

APP defaults on $13.4 billion in debt

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