Table: The Rise and Fall of Asia Pulp & Paper

OCT. 1994

Widjaja family forms APP, putting its holdings into a new public company in SingaporeAPR. 1995

Morgan Stanley, CSFB, and Nomura underwrite listing of APP ADRs on the New York Stock ExchangeFEB. 1996

APP begins borrowing heavily in international marketsJUNE 1997

Morgan Stanley is first Wall Street firm to underwrite APP debtJULY 1997

Asian financial crisis hitsNOV. 1997-JULY 2000

APP borrows $4 billion in international marketsMAY 1998

S&P downgrades APP to CCC+MAR. 2000

Morgan Stanley underwrites $403 million issue for China yielding 17%JULY-SEPT. 2000

APP successfully issues $100 million in bonds with a 30% yieldFEB. 2001

APP defaults on $13.4 billion in debt

Later, Baby

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