Almatis Files Prepackaged Ch. 11

Law360, New York (April 30, 2010, 5:37 PM EDT) -- Aluminum giant Almatis BV filed a prepackaged Chapter 11 petition Friday as part of a $1 billion restructuring effort led by investment firm Oaktree Capital Management LP.

Almatis, which filed its bankruptcy petition in the U.S. Bankruptcy Court for the Southern District of New York, said the restructuring plan would allow the company to fix its balance sheet while maintaining operations.

Once the prepackaged plan is confirmed, Oaktree is expected to own a majority of the equity in a reorganized Almatis, the company said in a...
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