Deal With Lenders Moves Aleris Closer To Ch. 11 Exit

Law360, New York (May 3, 2010, 3:14 PM EDT) -- Aleris International Inc. has struck a deal with a group of its European lenders, bringing the aluminum products and recycling company a step closer to emerging from Chapter 11.

Aleris announced Monday that it had reached a deal with holders of Class 3 claims against its holding company, Aleris Deutschland Holding GmbH. The agreement gives the claim holders a right to subscribe to up to $50 million in term loan debt upon reorganization, and enhances the right of shareholders following the proposed reorganization, Aleris said....
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