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Aleris Settles Southwire Claim For $3.3M Ahead Of IPO

Law360 (May 2, 2011, 4:24 PM EDT) -- Aluminum maker Aleris Corp., planning a $100 million initial public offering after leaving bankruptcy last June, tied up a loose end in its Chapter 11 on Friday when a Delaware judge greenlighted a $3.3 million environmental settlement with Southwire Co.

Carrollton, Ga.-based Southwire, which makes cables and machinery, agreed to that sum in the form of a creditor claim after having asserted that Beachwood, Ohio-based Aleris' bankruptcy estate owed it for costs associated with cleaning a lode of toxic slag in Oxnard, Calif., designated a Superfund...
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