Asia Aluminum is the largest aluminum extrusion group in Asia, with an annual designed capacity of 350,000 metric tons. It employed, directly and indirectly, in excess of 10,000 people, predominantly in the Asia Aluminum Industrial City which housed its primary manufacturing facilities, located in the Zhaoqing region of the People's Republic of China. Asia Aluminum made its debut on the Hong Kong Stock Exchange in 1998. Recent Events and Decline In 2004, the Company issued Senior Notes which were listed on the Singapore Exchange, with a total principal amount of US$450,000,000. The Senior Notes were issued primarily to fund the construction of the Asia Aluminum Industrial City. In 2006, with Merrill Lynch as financial advisers, the management of Asia Aluminum performed a leveraged buyout of the outstanding issued share capital in Asia Aluminum, financed by the issuance of US$535,000,000 in payment-in-kind notes (PIK notes), which were listed on the Singapore Exchange. After acquiring all outstanding shares, Asia Aluminum was delisted from the Hong Kong Stock Exchange. The global economic downturn in 2008 and 2009 had a significant negative impact on the aluminium industry, including Asia Aluminum. Furthermore, Asia Aluminum incurred a considerable drain on its cash resources due to the construction of its flat rolled products facility. At the end of 2008, the company reported its total assets to be US$2.4 billion with US$1.5 billion in liabilities. On 13 February 2009, Asia Aluminum management launched a tender offer to buy back the Senior Notes and PIK Notes at 27.5% and 13.5% of face value respectively. The offer was withdrawn after it failed to draw sufficient support from the respective noteholders. As the company's financial condition deteriorated, it became the subject of PRC legal actions commenced by onshore creditors, which threatened its PRC assets. Demand letters were also issued against various Asia Aluminum Group entities by Hong Kong-based lenders. The demand letters triggered the cross default of the Senior Notes and the PIK Notes, causing in excess of US$985,000,000 of debt to become immediately due and payable. Asia Aluminum did not have sufficient funds to repay these debts. Consequently, as at 28 February 2009, Asia Aluminum was deemed insolvent both on a cash flow and a balance sheet basis. At the time, Asia Aluminum's total onshore and offshore debt was in the order of US$1,544,000,000. In March 2009, the company began liquidation proceedings in Hong Kong after management withdrew its tender