Debtholders are furious over the plans and the outcome is being closely watched across Asia as an important guide to investor rights as companies scramble to restructure their finances in the downturn.
The arguments were sparked last month when Asia Aluminum , the region's largest manufacturer of
aluminium extrusion products, launched a tender offer for all of its outstanding international bonds.
The company, based in the southern province of Guangdong, claims that the restructuring is needed because of deteriorating cash flow and earnings, and rising costs and debt burden.
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