A Hong Kong court is today expected to give the go-ahead to a controversial Chinese-led offer to acquire Asia Aluminum, a high-profile mainland company placed in provisional liquidation this year after foreign investors spurned a $1.2bn debt restructuring.
Ferrier Hodgson, the provisional liquidator, has scheduled a court hearing to seek approval for the sale of three key units of Asia Aluminum to a management-backed consortium called Golden Concord Pacific, for about $500m including debt.
Barring any unexpected developments, an endorsement is considered a formality and will trigger a 30-day process to transfer the company's assets.
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