Global aluminum three Cochederu to swallow aluminum

Kwong: Refusing to sell foreign investment, management buyout at the end of the month Category: economic news Author: Sinling original Views: 0 Edition: GC01 version: Daily Wealth cover manuscripts: Southern Metropolis Daily Summary: bustling Asia Aluminum Group (hereinafter referred to as aluminum) reorganization (this newspaper March 17, 18th, 23rd has been continuously reported) Nearing the end.　　Yesterday, Kwong, chairman of the Board of Aluminum, told the newspaper, before the end of the month, with the support of investors, the aluminum management will buy back from the liquidator, the guarantee letter has been issued. The bustling Asia Aluminum Group (hereinafter referred to as the Asia-aluminum) reorganization (this newspaper March 17, 18th, 23rd has been continuously reported) near the end. Yesterday, Kwong, chairman of the Board of Aluminum, told the newspaper, before the end of the month, with the support of investors, the aluminum management will buy back from the liquidator, the guarantee letter has been issued.　　According to foreign media reports, the Asian aluminum management bid 298 million dollars. But halfway to kill a process bite gold.　　With the support of overseas creditors, the Norwegian hydro-aluminium Company (hereinafter referred to as Hydro) made a hasty bid of USD 300 million in the absence of a valuation of Chinalco, saying it would offer a bid on June 29. In this respect, Kwong said, "must not be sold to foreigners."　　The Zhaoqing government, the letter to overseas creditors, said that aluminum in zhaoqing employees up to 10000 people, the relationship between economic and social stability, the hope that the end of the month will be able to complete restructuring of aluminum, early resumption of operations. Kwong: The end of management completed the repurchase "Blow water!" It's fake! (Norwegian de-Luz acquisition of aluminum) don't even think about it! "Yesterday, Kwong, chairman of the Board of Aluminum, told the newspaper," at the end of this month, our management will buy it back, the aluminum restructuring can be completed! "It is reported that the aluminum management bid 2.9.7 billion dollars, want to buy back from the liquidator Fidelity company in the hands of aluminum." Kwong told the newspaper, the acquisition of funds of the letter of guarantee has been issued to the fidelity. As for the source of funding, Kwong said it came from investors. He refused to disclose more information about the investor, except that it was not a government.　　Kwong said the money was only a financial investment and that the investor would not be a shareholder in the restructured company. In accordance with the restructuring plan, which began in mid-March this year, Kwong will hold 30% per cent, local government 25%, and other management 10%, to be sold for debt repayments of 18%.　　But according to Kwong, after the reorganization of management repurchase, the structure of the shareholders will change, but "not too many, are still the original people."　　Kwong is very dismissive of the idea of the acquisition of aluminum, he told the newspaper, the company has not yet contacted the aluminum. Kwong stressed that the sub-aluminum is a national, private enterprises, in addition to the original management, aluminum will not "sell" others, even if the sale, also absolutely not "sold" foreigners, so, the Sea de LU acquisition of aluminum "don't think!" "And according to the South China Morning Post June 20, the Norwegian Hyde Aluminum Company has hired BOC International as a trading adviser, intends to buy more than 300 million U.S. dollars in the Asian aluminum industry." Hydro will be on June 29Make a takeover offer. Hydro behind: Overseas creditors at the same time, in line with Kwong's assertion, the company has not yet made a valuation of aluminum, and even has not seen the aluminum factory.　　This shows that Hydro's takeover decision is very hasty. And such a hasty takeover offer was driven by the efforts of Chinalco's overseas creditors. It is reported that overseas creditors, including several hedge funds, employing KPMG as an advisory body, in early June to request a moratorium on the aluminum liquidation process, to find the company, to support its bid higher than the price of the aluminum management, the acquisition of aluminum.　　The aim is to recover the principal of some bond investments. Previously, Chinalco issued two types of bonds totalling $1.18 billion trillion overseas, with a principal of $450 million and $728 million. February 13 this year, the Chinalco proposed repurchase offer, the repurchase price is 27.5% and 13.5% of the par value of the bond respectively.　　In this respect, overseas creditors refused to accept, subsequently, the aluminum application for bankruptcy liquidation. Hong Kong Raymond lawyer Zhou Jiaching told the newspaper that, from the nature of the bond, one of the priority unsecured bonds for interest rates of 8%, and the other one for the highest interest rate of 14% of the physical payment bonds, are high-risk investments.　　In accordance with the legal order, the bond holders ' ranking is difficult to recover the principal by liquidation. And even if the deal succeeds, the overseas creditors will not be able to recover much money. In addition to the above bonds, the bank also owes a loan of HK $270 million. In accordance with the legal liquidation order, the liquidation of the priority of the payment of wages, bank loans, suppliers, etc., and then the bondholders. Moreover, when the liquidation, the above debt will be revalued, the folding is unavoidable. And after the discount, the debt will be from the more than 300 million U.S. dollars in the purchase of the United States, or aluminum management out of the 297 million dollars paid. The former bids slightly higher and overseas creditors may be able to recover a little more.　　But it is still very rare to get it. In addition to a little more money to recover, Zhou Jiaching analysis, overseas creditors to support the German acquisition of aluminum, and more mainly against the Chinalco management buyout. Overseas creditors are dissatisfied with the Chinalco management due to the aforementioned bond repurchase incident. Kwong said: "They (overseas creditors) is actually deliberately disruptive, sabotage process!" "This is what the Zhaoqing government does not want to see. According to the South China Morning Post, June 19, Zhaoqing foreign Trade and Economic Cooperation Bureau to the overseas creditors to persuade them not to obstruct the restructuring process, said that the June 30, the aluminum management will be able to successfully buy the aluminum, early resumption of operation.　　And if the restructuring is delayed, it could lead to social problems. It is reported that the Zhaoqing workers in the city as many as 10000 people, and zhaoqing local suppliers of a large number of customers, the relationship between the Zhaoqing economic and social stability.　　Analysts believe that if the restructuring is protracted, the government will likely freeze the aluminum assets to help repay workers wages, supplies, bank loans and so on. The decision is to be made in the liquidation of the liquidator.Compared with the production, the early reorganization began to operate, obviously to workers, suppliers and even Zhaoqing economy, and aluminum itself, the most advantageous. But the company's choice of June 29 to make an offer to the liquidator would clearly disrupt the Zhaoqing government's plan to complete the reorganization by the end of the month. And, such hasty acquisition, also not necessarily conducive to the future development of aluminum.　　Analysis that, after the Zhaoqing, the government is likely to no longer extend the previous to the various preferential policies of the aluminum. Choose the aluminum management, or the Hyde? The right to decide is in the hands of the liquidator. Either side, the liquidator has to make a reasonable explanation, otherwise, may be accused of going to court, accusing it of failing to maximize the proceeds of creditors.　　and the standard of measurement, in addition to the high or low, whether to lay off, after the reorganization of the business plan, have to consider. Kwong is very self-confident, he told this newspaper: "Aluminum will be we buy back!"　　"This reporter Sinling Hydro is who?" Hydro is a 100-year-old Fortune 500-strong global company headquartered in Norway.　　At present the company value of about 7 billion U.S. dollars, aluminum products and energy is the company's main business. Hydro is the world's third largest supplier of aluminum products.　　Hai de lu aluminum (Suzhou) Co., Ltd. was founded in December 18, 2003, is the company in Suzhou Industrial Park, a wholly-owned subsidiary. Alcoa event Key Point February 13 The production base is located in Zhaoqing, Guangdong, Asia Aluminum Holdings Limited, and its parent company aainvestm Ents Com panylim ited (AAI, collectively known as aluminum) to the overseas bond holders to submit an offer,　　The early repurchase value of about $1.178 billion trillion of two types of bonds, that is, fixed-rate priority notes (priority debt) and in-kind payment of bonds (PIK instruments), repurchase prices are respectively 27 of the par price of the bond. 5% and 13.5%. According to the reorganization proposal of Kwong in the repurchase offer, after the repurchase is completed, the equity of the company A-I in the Asia Aluminium Corporation will be reduced from 97% to 30%, maintaining the relative holding position.　　And the local government will receive 25% of the shares as financial support "return", the company's management will have 10% of the shares, Chinalco's partner O Rix will get a 14% stake in the other 18% of the stake will be sold to repay the debt. Overseas creditors reacted immediately. According to the offer document, if the creditor accepts the repurchase, Zhaoqing local government and local bank will provide financial support within three months after March 31. Some of the money will be spent on the repo deal. After the debt restructuring, the local government will receive 25% of the Asian aluminum shares.　　But if the creditor refuses to buy back the offer, Chinalco will face liquidation and even bankruptcy, and in the order of liquidation, the creditor's income will be very limited. March 16, the company voluntarily discontinued the offer, on the basis of the difficult to support the repurchase, announced with the parent companies a I and the wholly-owned subsidiary of China Steel Development limited to enter into the provisional liquidation process.