Aleris seeks termination of pension plans to emerge from Chapter 11

By Lisa Kerner

Charlotte, N.C., April 26 - Aleris International, Inc. and its debtors want the court to determine that they have met the financial requirements for a "distress termination" of their defined benefit pension plans and to terminate the plans, according to a Friday filing with the U.S. Bankruptcy Court for the District of Delaware.

A hearing is scheduled for May 11.

The U.S. debtors estimate the total amount of unfunded benefit liabilities under the three defined benefit pension plans to be approximately $47 million as of Feb. 12, the filing said.

According to the U.S. debtors, they must terminate the plans in order to emerge from Chapter 11 bankruptcy.

As previously reported, the confirmation hearing for Aleris' plan of reorganization is scheduled for May 13.

Aleris and its co-debtor subsidiaries are positioned to emerge from Chapter 11 protection by mid-year, according to a company news release.

Aleris, a Beachwood, Ohio-based producer of aluminum rolled products and extrusions, aluminum recycling and specification alloy, filed for bankruptcy on Feb. 12, 2009. Its Chapter 11 case number is 09-10478.

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