ASIA'S WORST DEAL - In the late nineties, Asia Pulp & Paper, founded in Indonesia but operating out of Singapore, was billed as a great port of entry into the region for American money. Wall Street sold nearly USD 6 billion in bonds to funds and investors greedy for yield but blind to regional risk and lax regulators. Now, the former blue chip has defaulted on billions in debt--and is a touchstone ...
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