The business empire of Indonesia’s powerful Bakrie family admitted on Monday that the planned sale of its stake in the coal miner Bumi Resources to a private equity company might be completed at less than the $1.3bn announced price. Bakrie & Brothers needs the money to repay debts of $1.19bn which were guaranteed with shares, mostly in Bumi, when they were worth at least six times their current value.

The company admitted on Monday that it has defaulted on loans worth Rp144.9bn ($12m) but declined to give details of the shares acquired by creditors.