Germany

Oaktree Poised to Take Over Almatis in Debt-for-equity Exchange

Oaktree Capital Management LLC the investment fund with about USD 73 billion under management, according to Bloomberg Business Week is set to take control of Almatis from Dubai International Capital LLC.

This takes place under the terms of a USD 1 billion debt restructuring. The plan, which has been approved by two thirds of the Frankfurt-based company’s senior lenders, will allow Almatis to cut its debt to about USD 420 million and seek protection from creditors under Chapter 11 bankruptcy, according to the presentation. (03/2010)