據(jù)知情人士透露，債權(quán)人已經(jīng)就如何重組破產(chǎn)的中國金屬（FerroChina）達(dá)成了協(xié)議，目前正在等待中國一家法庭的批準(zhǔn)。很多海外投資者認(rèn)為，這是對中國2007年破產(chǎn)法的一大考驗(yàn)。

　　中國金屬的債權(quán)人包括了花旗集團(tuán)（Citigroup）、瑞士信貸（Credit Suisse）、里昂證券亞太恒富資本（CLSA Capital Partners）以及美國對沖基金Citadel Investment Group.

　　五礦集團(tuán)位于北京的總部知情人士透露，根據(jù)重組協(xié)議，中國五礦集團(tuán)公司將出價人民幣32億元（約合4.685億美元）從中國金屬收購5家運(yùn)營子公司。一些外國債權(quán)人將獲得60%的賠償。

　　其他外國債權(quán)人則一無所獲。舉例來說，重組協(xié)議完全沒有涉及持有中國金屬1.3億美元未償付債券的海外投資者。

　　不過，一些海外投資者認(rèn)為，鑒于他們已經(jīng)被忽略了將近一年時間，如果法庭批準(zhǔn)這一協(xié)議，那也是一個令人滿意的結(jié)果。

　　安理國際律師事務(wù)所（Allen & Overy）的企業(yè)重組專家基德（David Kidd）表示，盡管這份協(xié)議沒有分離出更多價值，令人有所失望，但這也是一個合理的結(jié)果了。安理國際沒有參與中國金屬的重組協(xié)議。

　　中國金屬和中國五礦集團(tuán)沒有回復(fù)記者的置評消息。中國金屬的海外債權(quán)人能否收回資金取決于債券是否有本地資產(chǎn)擔(dān)保或是有海外實(shí)體持有的抵押品擔(dān)保。2006年，以花旗集團(tuán)為首的一個投資者財團(tuán)向中國金屬提供了1.6億美元貸款，這筆貸款包括了本地支持債券以及海外債券。

　　據(jù)知情人士透露，根據(jù)重組協(xié)議，本地債券有擔(dān)保部分的投資者將收回將近60%的資金，而無擔(dān)保部分的投資者將接受更大的折扣，只能獲得債券票面價值的約20%.這筆貸款中的大約7，500萬美元是海外債券，并不包括在重組協(xié)議中。

　　這些人士表示，重組協(xié)議是公平的，因?yàn)楹Ｍ馔顿Y者在本地債券中獲得的折扣和持有中國金屬債券的內(nèi)地商業(yè)銀行所接受的條件是一樣的。

　　在另外一起受到密切關(guān)注的中國企業(yè)破產(chǎn)重組案中，亞洲鋁業(yè)控股有限公司的海外債權(quán)人只收回了1%的資金，但亞洲鋁業(yè)卻通過將公司出售給現(xiàn)有的管理層獲得現(xiàn)金，對本地債權(quán)人進(jìn)行了全額賠付。

　　Creditors have come to an agreement about how to wind up FerroChina Ltd. and are awaiting approval by a mainland China court， said people familiar with the agreement， in a decision that many foreign investors view as a significant test of China's 2007 bankruptcy law.

　　Creditors of the Chinese steel company include Citigroup Inc.， Credit Suisse Group， CLSA Capital Partners and U.S. hedge fund Citadel Investment Group LLC.

　　Under the restructuring agreement， the people say， China Minmetals Corp. will acquire five operating subsidiaries of the galvanized steelmaker for 3.2 billion yuan （$468.5 million）。 Some foreign creditors will recoup as much as 60 cents on the dollar.

　　Other foreign creditors will receive nothing. For instance， foreign holders of FerroChina's $130 million in outstanding bonds were completely left out of the restructuring.

　　Still， some foreign investors see the agreement， if approved by the court， as a satisfactory conclusion to the limbo they have been left in for nearly a year.

　　'Although it's disappointing that more value wasn't extracted， it's a reasonable outcome，' said David Kidd， a restructuring specialist at law firm Allen & Overy who isn't involved in the FerroChina agreement.

　　Messages to Ferro-China and China Minmetals seeking comment weren't answered.The ability of FerroChina's foreign creditors to recover the debt depended on whether it was backed by onshore assets or by collateral held in an offshore entity. In 2006， Citigroup led an investor group that provided a $160 million loan to FerroChina. The loan carried onshore-backed debt as well as offshore debt.

　　Under the agreement， the secured portion of the onshore debt will recover nearly 60 cents on the dollar， while holders of the unsecured portion will receive a much steeper haircut， retrieving about 20% of the debt's face value， people familiar with the agreement said. About $75 million of the loan， registered offshore， isn't covered by the restructuring agreement.

　　These people said the agreement is fair because the haircuts for foreign investors with onshore claims are the same as those taken by mainland commercial banks holding FerroChina debt.

　　In another closely watched restructuring of a troubled Chinese company， foreign creditors of Asia Aluminum Holdings Ltd. received as little as a penny on the dollar， while the company repaid its onshore creditors in full， raising cash through a sale of the company to existing management.