How Indonesia’s Lippo empire fought back from the brink after being crippled by debt

Late last year, when Indonesia’s biggest property developer was sinking under debt, it was crunch time for the Lippo Group’s Riady family.At a meeting to discuss rescue options, tycoon Mochtar Riady, 90, the founder of the group, turned to his young grandson for help. Reluctant at first, John Riady – a Wharton School graduate – said he eventually agreed to run the troubled flagship PT Lippo Karawaci. His salvage plan included a US$788 million rights issue in July, sale of assets and a debt…