Bakrie Swasakti Utama is trying to get IBRA to approve a debt-to-equity swap in which the government would take over the debts in exchange for 53.3 percent ownership of the company.

The government has begun bailing out conglomerates and the Bakrie group – known for its steel pipes – is not going to be left behind. Since April 1999, the group has restructured foreign debts worth more than US$1.5 billion. Still, the company possesses