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    Asia Aluminum Plans New Tactic to Gain Support for Bond Buyback

  • China Aluminium Network
  • Post Time: 2009/3/3
  • Click Amount: 578

    Asia Aluminum Holdings Ltd. Chairman Kwong Wui Chun, who offered his shares to investors to win support for a restructuring plan and debt buyback offer, now plans to shock bondholders into agreement.

    “I want to present the real difficulty that the company is facing,” Kwong said in an interview in Hong Kong yesterday. “I want to give investors a picture of the situation” by sharing a liquidation analysis report prepared by a consulting firm, he said, without naming the company.

    Kwong on Feb. 27 sent a letter to investors offering his shares in Asia Aluminum’s parent if investors accept a bond buyback offer and guarantee that the company won’t go into liquidation, employees won’t be fired and banks and suppliers won’t suffer losses.

    Asia Aluminum, the region’s biggest maker of extruded aluminum, on Feb. 13 offered to pay as much as 27.5 cents on the dollar for its 8 percent notes due 2011 while parent AA Investments Co. offered 13.5 cents for pay-in-kind notes as part of a “crucial” restructuring. Trade association EMTA and Aberdeen Asset Management Plc on Feb. 26 hosted a call for holders of the 8 percent notes in which all participants agreed not to sell at the offer price, according to analyst Warut Promboon.

    Since the offer, customers have threatened cancellations and suppliers who previously extended credit have demanded cash, Kwong said. Deputy Chairman and Chief Executive Officer Benby Chan Yiu Tsuan resigned “to pursue his own interests,” the company said in a filing yesterday.

    Source: Bloomberg
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