Marubeni Comes First, Prajogo Must Wait
The fate of Chandra Asri’s debt restructuring will be determined this week. The amount of debt that could be settled by the petrochemical plant is only US$450 million. There are possibilities the government’s position is getting better, but negotiations will take time.
November 20, 2000
Prajogo Pangestu’s patience is being tried. The ambition of Barito Pacific’s owner to control the Chandra Asri petrochemical plant has again been suddenly blocked by the Financial Sector Policy Committee (KKSK).
Led by Coordinating Minister for the Economy Rizal Ramli, the committee said Chandra Asri’s debt restructuring agreement Prajogo signed with the Indonesian Bank Restructuring Agency (IBRA) on January 3 must be review
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