GERMANY - Oaktree and DIC team up for Almatis

DIC acquired Almatis late 2007 in a deal worth around $1.2bn. UBS underwrote a debt package to support the transaction, which reportedly totalled close to $1bn.

In recent months, Oaktree has acquired a significant portion of Almatis' debt and is thought to have become one of the business' largest lenders.

Almatis has been struggling to meet a debt repayment due in June. The company has reached a standstill agreement with its lenders that gives it until August to find a solution.

Reports further indicate that Almatis' owners are seeking additional third-party investment, with heavyweights Blackstone and Advent International cited to be interested to acquire a stake.

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