Argo Manunggal is a diversified business group with five major divisions: textile, steel, property, rubber, and non-core. The group once had 61 companies, of which 22 of them defaulted loans to banks. What’s happened since the crisis?
The group was listed as biggest debtor ranked 20 for Indonesia Bank Restructuring Agency (IBRA) with outstanding of Rp2.54 trillion. Among the high-profile debtors is PT Argo Pantes (ARGO) Tbk which has just accomplished the restructuring last year. But ARGO is clearly one small part of the group.

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