APP's double default on creditors
European, Japanese taxpayers unwittingly underwrite continued forest and tiger habitat destructionPekanbaru, Sumatra; Gland, Switzerland: 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. “APP Default on Environmental Covenant,” a new report from Sumatra NGO coalition Eyes on the Forest, shows that the company in 2004 agreed to protect high conservation value forest under debt restructuring