Despite Creditors, Aleris Can Tap $1B DIP Loan

Law360, New York (March 18, 2009, 12:00 AM EDT) -- Aluminum recycling conglomerate Aleris International Inc. received final permission Wednesday to access over $1 billion in debtor-in-possession financing despite objections from unsecured creditors over the proposed structure of the loan.

In an order signed Wednesday in the U.S. Bankruptcy Court for the District of Delaware, Judge Brendan Shannon gave the company the green light to access a nearly $1.1 billion DIP credit facility for operating costs while the company reorganizes.

"We are pleased to have received the final approval of our DIP facility, and the continued...
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