In 2002, BPPN
divested 51% stake it owned in BCA through tender.
a subsidiary of Heidelberg Cement Group) acquired the entire stake of BPPN
and PT Holdiko Perkasa in ITP.
The Thai-based company acquired the stake from BPPN
The credit asset was later seized by BPPN
after Unibank was suspended by the government in 2001.
At that time SC's debts taken over by BPPN
totaled Rp55 billion and US$38 million not including interest.
ITP sought fund to refinance debt in Master Facilities Agreement (MFA) scheme, which was part of the restructuring program by BPPN
In 2001, BPPN
offered to sell SCG through an auction which was won by GPA, an affiliate of of a consortium of Trimanunggal and Yanatera Bulog.
Although it was badly jolted by the 1997/1998 crisis, one of its subsidiaries AIC has succeeded in restructuring its debt to BPPN
It was taken over by BPPN
over non performing debt of the company group.
In the wake of the monetary crisis in 1997/1998 CAPC was put under control of the bank rescue agency BPPN
over its large debts to a number of banks including state banks and banks liquidated or controlled by the government.
After the 1997 crisis, Salim handed over all of its stakes in the three companies to the bank rescue agency BPPN
in compensation for its debt to the government.
The cash strapped government later divested assets in the banks after being recapitalized by the bank rescue agency BPPN