DIC retains control of Almatis

The agreement will see DIC keep a 60% stake in the company, while senior loans are to be repaid at face value.

Distressed debt investor Oaktree Capital has dropped its opposition to DIC's proposal and will see its debt holding being bought out at a profit. Oaktree had sought to take control of Almatis through a debt for equity swap - it owns 46% of Almatis' senior debt, which it acquired at a substantial discount last year.

Besides the full repayment of Almatis senior first lien debt holders, DIC's proposal also includes significantly enhanced distributions to the junior creditors. The investor will further inject $100m of fresh equity into the company and the deal is said to reduce the net debt of Almatis from $964m to $529m.

 

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• Topics
• Restructuring
• Restructuring
• DACH
• France
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• Oaktree Capital