Oaktree and DIC team up for Almatis

According to reports, US investor Oaktree Capital has joined forces with Dubai International Capital to take control of Dubai International Capital's portfolio company, alumina maker Almatis, in a transaction that will include restructuring the company's debt.

Contrary to other "loan-to-own" transactions currently happening in the space, it is understood that DIC and Oaktree consider this a "partnership" rather than a battle for an asset. Oaktree has invested in Almatis' debt and is reported to be one of the largest lenders.

Dubai International Capital bought Almatis for $1.2bn in late 2007, with the debt reported to be around $1bn.

Almatis was struggling to repay its debt in June and has reached a standstill agreement with its lenders to win time until August. Press reports indicate that Almatis' owners are seeking third-party investment, with heavyweights Blackstone and Advent International cited to be interested to acquire a stake.

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