ARCHIVE FOR MARCH, 2009
Aleris hits back at the shareholder over financingMarch 12th, 2009 / Aluminum Foil/Sheet
Aleris International, Inc., a Beachwood, Ohio-based producer of aluminum sheet and ingot from scrap, squared off against its lone shareholder Wednesday, offering arguments to a bankruptcy court supporting the structure of proposed Chapter 11 financing for the company during its reorganization.
TPG Capital, based in Fort Worth, Texas, is the sole owner of Aleris' stock. If the dispute delays court approval of interim financing arrangements, Aleris might find it harder to emerge from Chapter 11 in good shape.
Aleris has rescheduled a hearing to approve its $1.075-billion debtor-in-possession bankruptcy loan until March 16th. Until the sum is approved, the court has given Aleris permission to draw some funds to keep the company running.
Excerpts from American Metal Market March 12, 2009