Ceramic Industry News

Almatis Group Completes Financial Restructuring, Emerges from Chapter 11

October 14, 2010
/ Print / Reprints /
/ Text Size+

The Almatis Group recently announced that its plan of reorganization, which was confirmed by the U.S. Bankruptcy Court for the Southern District of New York on September 20, have become effective, thus allowing Almatis to complete its financial restructuring and emerge from Chapter 11.

“Today’s successful emergence from Chapter 11 after just five months allows us to turn our full attention to the growth and development of business again,” said Remco de Jong, CEO. “As we have said before, we are emerging from Chapter 11 as a stronger company with significantly reduced debt and a strongly operating business. With this stronger financial footing and the support of DIC, who continues to be our majority shareholder, we are able to invest and pursue growth opportunities for the business.”

In line with the plan, the existing senior debt was repaid in full. In addition, the junior lenders to Almatis will receive new PIK Notes and a 40% equity stake in the Almatis Group in exchange for its old claims. In exchange for a new $100 million equity investment, DIC will retain a 60% equity stake in the Almatis Group. Financing for the distributions under the plan was provided from the new DIC equity investment and from approximately $565 million in new debt underwritten by GSO Capital Partners, Sankaty Credit Opportunities IV, and GoldenTree Asset Management. An additional $50 million revolving credit facility was provided by Bank of America, Merrill Lynch International and several units of JP Morgan Chase.

Visit www.almatis.com for additional details.

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

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



Image Galleries

June 2014 Issue Highlights

Our June 2014 issue is now available!


Manufacturing Day 2014

Manufacturing Day organizers share their insights with Managing Editor Kelsey Seidler.

More Podcasts

Ceramic Industry Magazine

CI September 2014 cover

2014 September

You won't want to miss the CI Top 10, traditionally our most popular article of the year!

Table Of Contents Subscribe


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.


CI Data Book July 2012

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


facebook_40px twitter_40px  youtube_40pxlinkedin_40google+ icon 40px