Aleris International emerges from Chapter 11 bankruptcy on June 1

By Lisa Kerner

Charlotte, N.C., June 1 - Aleris International Inc. announced it emerged from Chapter 11 on Tuesday after completing its financial and operational restructuring.

The company said in conjunction with its emergence, it closed on its $609 million rights offering, comprised of $45 million in 10-year unsecured notes and up to $564 million in new equity.

In addition, Aleris has a new, fully committed $500 million asset-based revolving credit facility and over $300 million in liquidity, according to a company news release.

Aleris emerges as a privately held company, majority owned by certain investment funds managed by Oaktree Capital Management, LP, affiliates of Apollo Management, LP and Sankaty Advisors, LLC, respectively.

Aleris Deutschland Holding GmbH, a non-operating holding company with no employees or operating assets which conducts no commercial business, has also emerged from Chapter 11, the release said.

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

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