The billion-dollar debt crisis blighting the business empire of Indonesia's powerful Bakrie family appeared to ease this weekend after the holding company agreed to sell its stake in coal company Bumi Resources to an affiliate of the Texas Pacific Group for $1.3bn.

Bakrie & Brothers said that once the deal to sell its 35 per cent of Bumi is completed, which could take a few weeks, it would use the money to clear all its debts, which total more than $1.2bn.