The Asia Aluminum Group (“AAG”) manufactured industrial aluminium products. AAG employed directly and indirectly in excess of 10,000 people predominantly in the local Zhaoqing region of the PRC. AAG had US$1.7 billion of debt, including over US$400 million owing to PRC lenders.
The global financial crisis had a significant negative impact on the aluminium industry as demand for its products was substantially curtailed and the aluminium price halved. After a failed tender offer for approximately US$1 billion of its outstanding offshore debt instruments, the directors of AAG applied to the High Court of Hong Kong to place key group entities into Provisional Liquidation. Keep reading
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