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Aleris Goes Bankrupt As Aluminum Prices Plunge

Law360 (February 12, 2009, 12:00 AM EST) -- Aluminum recycler Aleris International Inc., which also produces aluminum rolled products and extrusions, sought bankruptcy protection Thursday amid deteriorating demand, earnings and liquidity.

The Beachwood, Ohio-based company filed its Chapter 11 petition with the U.S. Bankruptcy Court for the District of Delaware, reporting assets of about $4.9 billion and liabilities of about $4.2 billion as of the end of September.

Though Aleris' U.S. subsidiaries also declared bankruptcy, its European, Asian, South American, Mexican and Canadian operations were not included in the filing.

"We have moved aggressively...
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