offer for the Senior and PIK Notes. In the same month, the Hong Kong Court appointed FTI Consulting as provisional liquidator. When attempting to gain control of the company's mainland China subsidiaries, employees of FTI Consulting reported that both management and staff had been uncooperative. Asia Aluminum's PRC assets had become under increasing threat of value deterioration due to the legal demands that had been commenced, which, if pursued, would have likely resulted in the auctioning off of the assets by the PRC Courts. Proceeds from the auction would have likely been distributed to onshore creditors first, and the likelihood of any return to offshore creditors from the PRC assets would have been significantly reduced if a return was achievable at all. In view of this threat, FTI Consulting negotiated a non-exclusive agreement with limited terms to sell 100% equity in Asia Aluminum's PRC operating assets to a management buyout consortium. This structure allowed for the potential advent of a superior offer from another party and the ability of the Provisional Liquidators to secure information from management, which had not been forthcoming, on the onshore assets. This was considered the only way to avoid a PRC bankruptcy and ensure some level of returns to offshore creditors. Despite significant media coverage of the sale, no other firm bids were tendered for Asia Aluminum's PRC assets. Norsk Hydro submitted an indicative bid for the company, but its bid was left to expire after it emerged that local authorities may oppose its bid and support a "restructuring proposal submitted by the management." Furthermore, the local authorities favoured a management buyout, as the authorities considered this the only option that would allow for social stability to be maintained in the region. The local government had negotiated a stay of local creditors and convinced local banks to allow Asia Aluminum to continue to draw on its working capital facilities. This allowed for operations to continue whilst a restructuring option could be negotiated. Therefore, any successful bidder needed to have the support of the local government and of local stakeholders. No interested parties proved to have this level of support. In June 2009, the Hong Kong Court approved for the management team to purchase Asia Aluminum for US$475,000,000, generating returns of 18 cents on the dollar to Senior Noteholders and less than one cent on the dollar to PIK Noteholders. Obligations to Hong Kong lenders and