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IT IS DRESS casual day at the Jakarta head offices of PT Medco Energi Internasional one of Indonesia’s leading oil and gas businesses. In addition to jeans and baggy cotton shirt, Hilmi Panigoro, the CEO, is sporting a broad grin. Well he might, for the ink has just dried on an agreement that finally returns the company to control of the Panigoro family after almost nine years. Like many Indonesian companies immediately after the financial meltdown in Asia, Medco was caught out badly, with large amounts of dollar-denominated debt and hundreds of petrified foreign creditors.
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