Indocement Tunggal Prakasa had it all but worked out. The management’s debt restructuring plan had been approved by 97 percent of its creditors. It just needed the shareholders’ nod. Two extraordinary general meetings of shareholders were called on Wednesday and Friday last week. The result? They both failed to reach a quorum. Why? Because two big state shareholders did not turn up. The meetings were canceled.

"Only 46 percent of the