Out in the Cold in Paradise
IBRA has repeatedly come up loser in its efforts to take over Hotel Paradiso and settle a Rp400-billion debt. The hotel has vowed to defend itself to the death.
November 13, 2000
The Indonesian Bank Restructuring Agency (IBRA)’s invincible powers seem to vanish into thin air the minute it sets foot on Bali, the Island of the Gods. Three times it has tried to take Hotel Sol Elite Paradiso and three times it has failed. The four-star hotel located in the heart of the Kuta Beach tourist resort was charged with a debt of US$17 million or approximately Rp140 billion at an exchange rate of Rp9,000. Including interest a
...