Almatis granted more time to file reorganization plan, solicit votes

By Lisa Kerner

Charlotte, N.C., Aug. 16 - Almatis BV's request to extend its exclusivity periods by 90 days was approved, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of New York.

The court extended Almatis' exclusive filing period to Nov. 26 and the solicitation period to Jan. 25.

As previously reported, Almatis 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 pre-petition bank debt that requires restructuring.

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

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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