Chase Manhattan Corp., Citicorp, and BankAmerica Corp. have joined a bank steering committee set up Friday to restructure an estimated $66 billion in private-sector Indonesian debt.

Indonesia has slid into economic turmoil following a loss of investor confidence in the country and a more than 70% decline in the value of the national currency against the U.S. dollar over the last six months. Since yearend, most Indonesian corporations have halted loan and interest payments to foreign banks and other creditors.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.