Ceramic Industry News

Almatis Group Enters Plan Support Agreement

The Almatis Group announced it has received authority to enter into a Plan Support Agreement with Dubai International Capital (DIC) and certain holders of the second lien, mezzanine and junior mezzanine debt of the Almatis Group. The agreement paves the way for the Almatis Group to withdraw its currently pending pre-packaged plan and file the new plan, a DIC-led fully committed refinancing, in the reorganization cases under Chapter 11 of the U.S. Bankruptcy Code. In addition, the group will file a disclosure statement related to the new plan.

The new plan is supported by DIC, Almatis Group’s largest shareholder and requisite holders of the group’s second lien, mezzanine and junior mezzanine debt. Following a settlement also announced by the Almatis Group, Oaktree Capital Management (the largest single holder of the group’s senior debt) has agreed to support the new plan; the settlement with Oaktree is subject to the approval of the bankruptcy court.

The DIC-led refinancing provides for the full repayment of the group’s senior first lien debt, and also proposes significantly enhanced distributions to the junior creditors of the group. Funding for the new plan will come from a $100 million equity contribution that DIC has already escrowed for this purpose with JP Morgan, and from approximately $600 million of debt financing to be provided by a consortium of JP Morgan, Bank of America Merrill, GSO Capital Partners, GoldenTree Asset Management and Sankaty Credit Opportunities IV.

The hearing to consider approval of the Disclosure Statement related to the new plan, as well as the settlement with Oaktree Capital Management, is scheduled for August 23. Almatis reports that it anticipates the confirmation of the new plan of reorganization in late September.

While the new plan is being considered by the court, the court continues to allow the group to operate in the ordinary course of business led by the current management team.

For additional details, visit www.Almatis.com.

Did you enjoy this article? Click here to subscribe to Ceramic Industry Magazine.

You must login or register in order to post a comment.

Multimedia

Videos

Image Galleries

October 2014 Issue Highlights

Our October 2014 issue is now available!

Posted: January 29, 2015

Podcasts

Ceramics Expo podcast
Editor Susan Sutton discusses the upcoming Ceramics Expo with event director Adam Moore.
More Podcasts

Ceramic Industry Magazine

CI March 2015 cover

2015 March

We're focusing on thermal processes and decorating in this issue. Check it out!

Table Of Contents Subscribe

Daily News

We know where you find the latest ceramic industry news (ahem), but where do you catch up on the rest of your daily news?
View Results Poll Archive

THE CERAMIC INDUSTRY STORE

M:\General Shared\__AEC Store Katie Z\AEC Store\Images\Ceramics Industry\handbook of advanced ceramics.gif
Handbook of Advanced Ceramics Machining

Ceramics, with their unique properties and diverse applications, hold the potential to revolutionize many industries, including automotive and semiconductors.

More Products

Clear Seas Research

Clear Seas ResearchWith access to over one million professionals and more than 60 industry-specific publications,Clear Seas Research offers relevant insights from those who know your industry best. Let us customize a market research solution that exceeds your marketing goals.

STAY CONNECTED

facebook_40px twitter_40px  youtube_40pxlinkedin_40google+ icon 40px

Directories

CI Data Book July 2012

Ceramic Industry's Directories including Components, Equipment Digest, Services, Data Book & Buyers Guide, Materials Handbook and much more!