Almatis Chapter 11 on the cards

摘要

The Enterprise Chamber of the Amsterdam Court of Appeal has ruled against a petition by Dubai International Capital LLC (DIC) which sought to prevent distressed debt investor Oaktree Capital acquiring its subsidiary, speciality alumina producer Almatis GmbH, through a debt-for-equity agreement. If successful, DIC's petition would have prevented the managing boards of Almatis and its affiliates from entering into an agreement with senior lenders to implement a debt restructure proposal through Chapter 11 of the US Bankruptcy Code. The proposal, led by Oaktree -which also owns 46% of Almatis, senior debt - was agreed to by more than two thirds of the speciality alumina producers senior lenders (IM April '10: Almatis lenders agree debt deal).