Bankrupt Aleris Gets OK To Borrow $150M, Pay Claims

Law360, New York (February 17, 2009, 12:00 AM EST) -- Aiming to help the bankrupt company restructure itself through Chapter 11 proceedings, a judge has allowed aluminum recycling conglomerate Aleris International Inc. to borrow up to $150 million in interim debtor financing and to pay certain suppliers and foreign creditors.

On Friday, Judge Brendan L. Shannon issued orders in the U.S. Bankruptcy Court for the District of Delaware allowing the company to borrow $150 million of a total of nearly $1.1 billion in requested debtor-in-possession financing, as well as allowing the company to pay prepetition claims...
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