Dubai debt restructure for Almatis

摘要

The Dubai based private equity owner of German speciality alumina producer, Almatis GmbH, was on the verge of agreeing a deal to offload 40% of its debt, at the time of press. With total debt that Dubai International Capital LLC (DIC) holds against Almatis estimated at $1,000m., some takers for a share in the leading producer have already come to the fore. Distressed debt specialist Oaktree Capital Management LP acquired Goldman Sachs' share of debt creating by far the company's biggest lender. An authoritative source told IM: "DIC would remain majority equity holder. The proposal is based on the fact that the outlook of the company in terms of financial results and the ability to generate cash on top of the strong cash position new currently have, would allow us to service the debt to the senior lenders, assuming there as a capping of the maximum interest payments."