Asia Aluminum's ongoing tender offer for all its outstanding international bonds and notes has met with resistance from investors, to the extent that the offer could possibly fail. Some say such an outcome would be positive for Asia's high-yield market as it would show that investors are prepared to fight for their rights, but it would arguably also cast doubt over any future restructuring attempts in Asia.
The emotional tug-of-war heated up on Friday when Asia Aluminum's founding chairman essentially offered to give away the entire company to the bondholders if they could come up with a better solution.
Some holders of the Chinese aluminium producer's $450 million 8% bonds due 2011 argue simply that...
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