PT. Tuban Petrochemical Industries (TubanPetro) was established to direct debt restructuring of Tirtamas Group in 2001. A composition of the debt restructuring through a New Co which in this case was TubanPetro was decided by Financial System Stability Committee (KKSK) with the decree No. 01/K.KKSK/05/2001 that resulted the TubanPetro Group Structure as follow:
|TubanPetro issued Multi Years Bond (MYB) in the amount of Rp 3.2 trillion to Indonesia Bank Restructuring Agency (IBRA) as part of Tirtamas Group’s debt restructuring.
After years of its operation, TubanPetro Group is currently under control of PPA qq MOF following the MYB default in September 2012. In January 2013, PPA qq. MOF installed the New Management of TubanPetro Group without any representative of Silakencana. Since then in February 2013 Polytama restarted its production after its shutdown in 2010 and in November 2013 TPPI restarted its production as well after its shutdown in December 2011.