Printer Friendly

Aleris and European Term Loan Lenders Reach Settlement Agreement.

- Voting Deadline for ADH Class 3 Claims Extended Through Tuesday, May 4

BEACHWOOD, Ohio, May 3, 2010 /PRNewswire/ -- Aleris International, Inc., a global leader in aluminum rolled products, extrusions and recycling, said today that it has entered into a settlement agreement with certain holders of claims in ADH Class 3 (European Term Loan Claims) in connection with the pending Plan of Reorganization of Aleris and its affiliated debtors. As a result of the settlement, these creditors now support the Plan. The Backstop Parties under the Plan have also agreed to the terms of the settlement agreement.

The settlement agreement is a significant milestone in the company's efforts to confirm a consensual plan of reorganization and emerge from chapter 11.

Under the terms of the settlement agreement, holders of claims in ADH Class 3 of the Plan, other than the Backstop Parties under the Plan, that exercise ADH Term Loan Subscription Rights will receive in total the right to subscribe for US$50,000,000 of ADH Term Loan Subscription Rights after taking into consideration the Maximum Third-Party Reduction under the Plan.

The agreement also provides for changes in the proposed Stockholders' Agreement and Registration Rights Agreement that will be entered into in connection with the Plan. These changes enhance the rights of shareholders of the holding company that will indirectly own the assets of Aleris and its reorganized debtors following the effective date of the Plan.

The U.S. Bankruptcy Court in Delaware has approved Aleris' request to modify the Disclosure Statement Order and Voting Procedures Order to extend the voting deadline for holders of claims in ADH Class 3 to Tuesday, May 4, 2010, at 5:00 p.m. Pacific Daylight Time. The voting deadline was extended from April 29, 2010 at 5:00 p.m. Pacific Daylight Time.

In addition, the Court approved the addition of a New York, New York delivery address for ADH Class 3 ballots. Holders of claims in ADH Class 3 may return their ballots by mail, hand delivery, or overnight courier to:
 Kurtzman Carson Consultants LLC
 1230 Avenue of the Americas 7th Floor
 New York, New York 10020 

Claims information and Court filings, including the proposed Plan and Disclosure Statement are available at

This press release is not intended to be, and should not in any way be construed as, a solicitation of votes on the Plan. This press release is not an offering of the rights or equity or debt securities to be offered pursuant to the rights offering. Such securities will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the United States unless registered under such Act or pursuant to an applicable exemption there from.

About Aleris

Aleris International, Inc. is a global leader in aluminum rolled products and extrusions, aluminum recycling and specification alloy production. Headquartered in Beachwood, Ohio, a suburb of Cleveland, the Company operates over 40 production facilities in North America, Europe, South America and Asia, and employs approximately 6,500 employees. For more information about Aleris, please visit our Website at

(Logo: )
COPYRIGHT 2010 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2010 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire Europe
Geographic Code:4E0SC
Date:May 3, 2010
Previous Article:MSB Adds 1,500 Green Items to Its Industry-Leading Partial Loss Claims Database.
Next Article:Sonus Networks Gains Footprint in the Middle East By Powering End to End Hosted VoIP Solution at Gateway Gulf.

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters