Pursuits
Almatis, Tribune, AbitibiBowater, GSI: Bankruptcy
This article is for subscribers only.
Almatis BV, a producer of specialty alumina products, filed an agreement on July 23 underpinning a revised reorganization plan that will allow the Chapter 11 case to end consensually and avoid a protracted battle between senior and junior secured creditors.
The new plan is supported by holders of more than two-thirds of the second-lien debt. They include affiliates of Babson Capital Management LLC, Alcentra Group Ltd. and Permira Advisers LLP. There will be a hearing on Aug. 3 in U.S. Bankruptcy Court in New York where Almatis hopes the judge will approve the plan-support agreement.