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GRYPHON DOM. VI v. APP INTL.

41 A.D.3d 25 (2007)

836 N.Y.S.2d 4

GRYPHON DOMESTIC VI, LLC, et al., Appellants-Respondents, et al., Plaintiff, v. APP INTERNATIONAL FINANCE COMPANY, B.V., et al., Defendants, and INDAH KIAT INTERNATIONAL FINANCE COMPANY B.V. et al., Respondents-Appellants. GRYPHON DOMESTIC VI, LLC, et al., Appellants, et al., Plaintiff, v. APP INTERNATIONAL FINANCE COMPANY, B.V., et al., Defendants, and INDAH KIAT INTERNATIONAL FINANCE COMPANY B.V. et al., Respondents.

Appellate Division of the Supreme Court of the State of New York, First Department.

April 17, 2007.

Attorney(s) appearing for the Case

Siller Wilk LLP, New York City (Helen A. Rella and Jay S. Auslander of counsel), for appellants-respondents/appellants.

Schnader Harrison Segal & Lewis LLP, New York City (Kenneth R. Puhala and Benjamin P. Deutsch of counsel), for respondents-appellants/respondents.

MAZZARELLI, J.P., FRIEDMAN, GONZALEZ and MALONE, JJ., concur.

OPINION OF THE COURT

CATTERSON, J.

In June 1994, the defendant Indah Kiat International Finance Company B.V. (hereinafter referred to as Indah Kiat International or the issuer), a Dutch corporation, issued $200 million of 11 7/8% guaranteed secured notes due in 2002 (hereinafter referred to as the notes). The defendant P.T. Indah Kiat Pulp & Paper Corporation (hereinafter referred to as P.T. Indah Kiat or the guarantor), an Indonesian corporation, guaranteed...

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