In the wake of the Asian financial crisis in 1997/98, one Indonesian company, Asia Pulp and Paper (APP) seemed to emerge from the economic chaos relatively unscathed. Before and after the financial crisis, international financial institutions have queued up to finance and guarantee the rapid expansion of their operations. Three years on, however, APP is one of the largest corporate debtors in Asia, on the verge of bankruptcy, and has been accused of rainforest destruction, pollution and conflict with local communities.