April 20, 2018 1:39 PM ET

Chemicals

Company Overview of Sherwin Alumina Company, LLC

Company Overview

Sherwin Alumina Company, LLC produces aluminum oxide or alumina in South Texas. It offers smelter grade aluminum oxide. The company was founded in 1953 and is based in Gregory, Texas. Sherwin Alumina Company, LLC operates as a subsidiary of Allied Alumina, LLC. As of January 11, 2017, Sherwin Alumina Company, LLC operates as a subsidiary of Corpus Christi Alumina LLC.

4633 Highway 361

Gregory, TX 78359

United States

Founded in 1953

Phone:

361-777-2200

Fax:

361-777-2666

Key Executives for Sherwin Alumina Company, LLC

Chief Executive Officer and President
Administration Director
Compensation as of Fiscal Year 2017.

Sherwin Alumina Company, LLC Key Developments

Reorganization Plan Approved for Sherwin Alumina Company, LLC

The US Bankruptcy Court approved the modified plan of reorganization of Sherwin Alumina Company, LLC on February 17, 2017. The debtor has filed its modified plan in the Court on February 16, 2017. As per the amended plan, Other Secured Claims will be paid in full. Prepetition Secured Credit Facility Claims of $95 million will be paid pro rata share of $50 million. General Unsecured Claims (Expired CBA Claims) and (Other than Expired CBA Claims, PBGC Claims, and Environmental Claims) are expected to be in the range of $37.5 million to $47.5 million and will recover in the range of $4 million to $5 million. General Unsecured Claims (Environmental Claims) will receive no distribution, other secured claims are estimated at $1.3 million. General unsecured claims are estimated in the range of $19.1 million to $91.2 million and will get recovery in the range of 5.4% to 10%. General unsecured claims for Expired CBA Claims of $2 million will get recovery in the range of 5.4% to 100%. General Unsecured Claims of PBGC Claims and General Unsecured Claims for Environmental Claims of $0.08 million shall get a recovery of 100%.

First Amended Reorganization Plan and Disclosure Statement Filed by Sherwin Alumina Company, LLC

Sherwin Alumina Company, LLC filed an amended joint plan of reorganization with related disclosure statement in the US Bankruptcy Court on November 10, 2016. As per the amended plan, Other Secured Claims will be paid in full. Prepetition Secured Credit Facility Claims of $95 million will be paid pro rata share of $50 million. General Unsecured Claims (Expired CBA Claims) and (Other than Expired CBA Claims, PBGC Claims, and Environmental Claims) are expected to be in the range of $37.5 million to $47.5 million and will recover in the range of $4 million to $5 million. General Unsecured Claims (Environmental Claims) will receive no distribution. There were no changes in the treatment of other claim classes. Debtor filed revision to amended plan and related disclosure statement in the US Bankruptcy Court on November 22, 2016. As per the revised plan, other secured claims are estimated at $1.3 million. General unsecured claims are estimated in the range of $19.1 million to $91.2 million and will get recovery in the range of 5.4% to 10%. General unsecured claims for Expired CBA Claims of $2 million will get recovery in the range of 5.4% to 100%. General Unsecured Claims of PBGC Claims and General Unsecured Claims for Environmental Claims of $0.08 million shall get a recovery of 100%. Treatment of all the other classes of claims remains same as per the previous plan. Debtor filed modified disclosure statement in the Court on November 23, 2016. As per the modified disclosure statement filed, there were no changes in the treatment of all classes of claims. Debtor filed a modified plan of reorganization on January 4, 2017. As per the amended plan, General Unsecured Claims (TECEQ Claims) shall be subordinated to the claims of other general unsecured creditors. General Unsecured Claims (Other than Expired CBA Claims, PBGC Claims, and TCEQ Claims) will receive their pro rata share of Global Settlement GUC Distribution. Debtor filed a modified plan of reorganization on February 16, 2017. As per the modified plan filed there were no modifications filed related to change in treatment of different claim classes in the plan.

Final DIP Financing Approved for Sherwin Alumina Company, LLC

The US Bankruptcy Court gave an order to Sherwin Alumina Company, LLC to obtain DIP financing on a final basis on September 26, 2016. As per the order, the debtor has been authorized to obtain a revolving credit facility in the amount of $25.7 million from Commodity Funding, LLC. The DIP loan would carry an interest rate of 8% p.a., along with an additional 2% p.a. interest in the event of default. The DIP facility would mature either on December 31, 2016 or on the effective date of the plan or on the date of consummation of the sale of substantially all assets, whichever is earlier. Adequate protection would be provided to the DIP lenders in the form of super-priority administrative expense claims which is subject to a carve-out of $0.28 million towards unpaid professional fees / administrative expenses and first priority lien upon and security interest in the debtor’s collateral. The proceeds from the DIP facility shall be used by the debtor to permit the orderly continuation of their obligations and preserve the going concern value of their business.

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