[Federal Register Volume 63, Number 60 (Monday, March 30, 1998)]
[Notices]
[Pages 15241-15242]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-8157]


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SECURITIES AND EXCHANGE COMMISSION


Issuer Delisting; Notice of Application To Withdraw From Listing 
and Registration; (P.T. Riau Andalan Pulp & Paper, 11\1/2\% Guaranteed 
Secured Notes due 2000; 13\1/4\% Guaranteed Secured Notes Due 2005) 
File No. 1-88604

March 23, 1998.
    P.T. Riau Andalan Pulp & Paper (``Company'') has filed an 
application with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 12(d) of the Securities Exchange 
Act of 1934 (``Act'') and Rule 12d2-2(d) promulgated thereunder, to 
withdraw the above specified securities

[[Page 15242]]

(``Securities'') from listing and registration on the New York Stock 
Exchange, Inc. (``NYSE'' or ``Exchange'').
    The reasons cited in the application for withdrawing the Securities 
from listing and registration include the following:
    The Securities are listed for trading on the Luxembourg Stock 
Exchange and, pursuant to a Registration Statement on Form 8-A that 
became effective at the time of issuance, the NYSE. Trading in the 
Securities commenced on the Luxembourg Stock Exchange and the NYSE on 
December 15, 1995.
    In August, 1997, the Company completed a tender offer and consent 
solicitation for any and all of the Securities at a premium over the 
price at which they were then trading. Pursuant to the consent 
solicitation, the Company asked the holders of the Securities to agree 
to substantial amendments to the Indenture under which the Securities 
had been issued. Among other things, the amendments removed from the 
Indenture covenants of the Company (i) to maintain listing of the 
Securities on the NYSE, and (ii) to continue to file reports with the 
Commission even if the Company was no longer subject to the 
Commission's reporting requirements. In its offering/solicitation 
document, the Company advised holders of the Securities that it 
intended to delist the Securities from the NYSE if the proposed 
amendments to the Indenture became operative.
    As a result of the Company's tender offer, all but $6 million of 
the originally issued and outstanding $300 million in Securities were 
tendered by holders. These holders also consented to the proposed 
amendments to the Indenture. The Company has been unable to locate the 
holders who did not tender their Securities and consent to the proposed 
amendments, and the Company believes it would be impractical to locate 
them at the present time. Moreover, the Company believes the holders of 
the Securities are very small in number. In addition, the Company has 
represented that there is essentially no trading in, and therefore no 
market for, the Securities that remain outstanding.
    On February 11, 1998, the NYSE advised the Company that it is the 
policy of the NYSE not to object to voluntary applications to delist 
securities such as the one filed by the Company.
    The Company has stated that its application relates solely to the 
withdrawal from listing of the Securities on the NYSE and shall have no 
effect upon the continued listing of the Securities on the Luxembourg 
Stock Exchange.
    Any interested person may, on or before April 13, 1998, submit by 
letter to the Secretary of the Securities and Exchange Commission, 450 
Fifth Street NW., Washington, DC 20549, facts bearing upon whether the 
application has been made in accordance with the rules of the exchange 
and what terms, if any, should be imposed by the Commission for the 
protection of investors. The Commission, based on the information 
submitted to it, will issue an order granting the application after the 
date mentioned above, unless the Commission determines to order a 
hearing on the matter.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 98-8157 Filed 3-27-98; 8:45 am]
BILLING CODE 8010-01-M