Almatis wants more time to file reorganization plan, solicit votes

By Lisa Kerner

Charlotte, N.C., Aug. 3 - Almatis BV requested court approval to extend its exclusivity periods by 90 days, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The company wants to extend its exclusive filing period to Nov. 26 and the solicitation period to Jan. 25.

A hearing is scheduled for Aug. 16.

Almatis said it filed the request for an extension "out of an abundance of caution" and also cited the complexity of its cases, which involve 13 debtors, approximately 3,600 creditors and over $1 billion in outstanding prepetition bank debt that requires restructuring.

According to the filing, the debtors believe they are on track to exit from bankruptcy before year end.

The court is to consider approval of Almatis' request to enter into a plan of reorganization support agreement with its largest equity holder Dubai International Capital LLC and Almatis' supporting pre-bankruptcy junior lenders on Aug. 3.

Almatis is a Frankfurt, Germany, developer, manufacturer and supplier of premium specialty alumina products that filed for bankruptcy on April 30. Its Chapter 11 case number is 10-12308.

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