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Sinar Mas Debts

After the Failure

Tuesday, March 20, 2001

The government's initial plan to bail out the Sinar Mas Group appears to have been scrapped. Now, a previously opposed debt-to-equity swap seems to be on the cards.

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The price the government has to pay to rescue Bank Internasional Indonesia (BII) is high. But the situation is irreversible now. To avoid the bank's liquidation, it has opted to help BII. At first, the Indonesian Bank Restructuring Agency (IBRA) agreed to bail out the debts of the Sinar Mas Group to BII once they turned bad. The government faced confusion when Sinar Mas really couldn't repay the debts, though. Last Monday, Asia Pulp & Paper Co.

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