Almatis Wins Final Approval To Use Lenders' Cash

Law360, New York (May 17, 2010, 5:26 PM EDT) -- A judge has allowed Alcoa Inc.’s bankrupt spinoff Almatis BV unfettered access to as much as $50 million in cash collateral as well the ability to make payments to vendors and employees, saying the moves are necessary to prevent significant harm to the business while it operates under bankruptcy protection.

Judge Martin Glenn issued orders on Monday in U.S. Bankruptcy Court for the Southern District of New York approving a number of final requests to allow business as usual to continue at Almatis, including a request...
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