GERMANY - Dubai Intl Capital and Oaktree drop Almatis co-operation

This comes after a previous announcement that the two firms had teamed up to financially restructure Almatis, inject fresh capital and bring down the company's debt in return for Oaktree receiving a share of the company.

Sources suggest that Almatis' trading has revived enough to make the originally-envisioned aggressive restructuring no longer necessary. Nevertheless, DIC was said to be working on its own restructuring plan.

DIC acquired Almatis from Rhône Capital and Teachers' Private Capital, the private investment arm of the Ontario Teachers' Pension Plan, for USD 1.2bn in late 2007, with the debt reported to be around USD 1bn.

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

Frankfurt-based Almatis researches, develops and produces specialty alumina materials used in industrial manufacturing processes such as steel refractories, ceramics and flame retardants. It encompasses manufacturing facilities in Germany, the Netherlands, the US, Japan, China and India. Almatis employs more than 900 staff.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Restructuring
• DACH