Almatis Logo

Homepage / News & Events /  

News

01

Oct

2010

Press Release

 - Reorganisationsplan tritt am 30. September 2010 in Kraft

Die Almatis Gruppe gab heute bekannt, dass der am 20. September 2010 vom zuständigen Gericht in New York genehmigte Reorganisationsplan („Plan") heute in Kraft tritt. Almatis schließt damit die finanzielle Restrukturierung ab und beendet das Gläubigerschutzverfahren nach Chapter 11.

„Wir schließen heute nach nur fünf Monaten das Chapter 11-Verfahren ab und können uns wieder voll und ganz auf das Wachstum und die Weiterentwicklung unseres Geschäft konzentrieren", sagte Remco de Jong, CEO von Almatis. „Wie wir seit Beginn gesagt haben, gehen wir aus dem Verfahren als gestärktes Unternehmen mit deutlich geringerer Verschuldung und einem sehr starken operativen Geschäft hervor. Mit dieser verbesserten Finanzkraft und der Unterstützung durch DIC, die weiterhin unser Mehrheitsgesellschafter bleibt, können wir weiter investieren und Wachstumschancen nutzen."

Remco de Jong ergänzte: „Wir danken unseren Kunden, Lieferanten, Geschäftspartnern, Kreditgebern und Mitarbeitern für ihre Unterstützung während des gesamten Verfahrens. Das Vertrauen und der Einsatz aller Beteiligten haben maßgeblich zum erfolgreichen Abschluss der notwendigen Finanzrestrukturierung beigetragen."

Gemäß dem Plan wurden die bisherigen vorrangig besicherten Finanzverbindlichkeiten vollständig zurückgezahlt. Darüber hinaus erhalten die nachrangig besicherten Kreditgeber neue Schuldverschreibungen (sogenannte PIK Notes) und eine Beteiligung von 40 % am Eigenkapital der Almatis Gruppe. Im Gegenzug für ein Investment von neuem Eigenkapital in Höhe von 100 Millionen US-Dollar behält DIC einen Anteil von 60 % am Eigenkapital. Die Finanzierung der Auszahlungen im Rahmen des Plans wurde durch das Eigenkapital-Investment von DIC sowie durch eine Fremdkapitalfinanzierung von rund 565 Millionen US-Dollar sichergestellt, die von GSO Capital Partners, Sankaty Credit Opportunities IV und GoldenTree Asset Management garantiert wird. Außerdem steht dem Unternehmen eine weitere Kreditlinie in Höhe von 50 Millionen US-Dollar zur Verfügung, die von Bank of America, Merrill Lynch International und JP Morgan Chase bereitgestellt wird. Mit dem Inkrafttreten des Plans wird Almatis auch alle noch ausstehenden Forderungen aus der Zeit vor dem Chapter 11-Antrag zeitnah und in voller Höhe begleichen.

 

Almatis ist ein global führendes Unternehmen in der Entwicklung, Herstellung und Lieferung hochwertiger Spezialprodukte aus Aluminiumoxid. Das Unternehmen beschäftigt rund 900 Mitarbeiter an neun Produktionsstandorten weltweit. Die Produkte des Unternehmens werden in zahlreichen Industriezweigen verwendet, unter anderen bei der Herstellung von Stahl, Zement und Buntmetallen sowie in der Keramik-, Teppich- und Elektronikindustrie. Bis 2004 war Almatis die Chemiesparte von Alcoa.

Weitere Informationen:

FD

USA:      David Press   +1 212 850-5743

Europa: Lutz Golsch   +49 69 92037-110

                Ivo Lingnau  +49 69 92037-133

01

Oct

2010

Press Release

-  Effective date for the Plan of Reorganization ("the Plan") occurs on September 30, 2010

The Almatis Group today announced that its plan of reorganization (the "Plan"), which was confirmed by the United States Bankruptcy Court for the Southern District of New York on September 20, 2010, became effective today allowing Almatis to complete its financial restructuring and emerge from Chapter 11.

"Today's successful emergence from Chapter 11 after just five months allows us to turn our full attention to the growth and development of business again," stated Remco de Jong, CEO of Almatis. "As we have said before, we are emerging from Chapter 11 as a stronger company with significantly reduced debt and a strongly operating business. With this stronger financial footing and the support of DIC, who continues to be our majority shareholder, we are able to invest and pursue growth opportunities for the business."

Remco de Jong added: "We would also like to thank our customers, suppliers, business partners, lenders and employees for their support throughout this process. The commitment of our stakeholders was instrumental in effectuating the necessary financial restructuring."

Pursuant to the Plan, the existing senior debt was repaid in full. In addition, the junior lenders to Almatis will receive new PIK Notes and a 40% equity stake in the Almatis Group in exchange for their old claims. In exchange for a new $100 million equity investment, DIC will retain a 60% equity stake in the Almatis Group. Financing for the distributions under the Plan was provided from the new DIC equity investment and from approximately $565 million in new debt underwritten by GSO Capital Partners, Sankaty Credit Opportunities IV, and GoldenTree Asset Management. An additional $50 million revolving credit facility is provided by Bank of America, Merrill Lynch International and several units of JP Morgan Chase. As a result of the occurrence of the effective date of the Plan, Almatis will also pay in full all outstanding prepetition claims of trade vendors expeditiously.

About Almatis:

Almatis is a global leader in the development, manufacture and supply of premium specialty alumina products. With nearly 900 employees worldwide, the Company's products are used in a wide variety of industries, including steel production, cement production, non-ferrous metal production, ceramics, carpet manufacturing and electronic industries. Almatis operates nine production facilities worldwide and serves customers around the world. Until 2004, the business was known as the chemical business of Alcoa.

For more information:

FD

USA: David Pres +1 212 850-5743

Europe: Lutz Golsch +49 69 92037-110

             Ivo Lingnau +49 69 92037-133

21

Sep

2010

Press Release
  • Confirmation paves the way for the company’s emergence from Chapter 11
  • Implementation of the Plan expected by mid October


The Almatis Group announced today that the Chapter 11 plan of reorganization (the “Plan”) has been confirmed by the United States Bankruptcy Court for the Southern District of New York. At the confirmation hearing conducted today, the Court ruled that the Almatis Group had met the statutory requirements to confirm the Plan and entered a Confirmation Order.

Following the confirmation, Almatis is now moving diligently to implement the Plan as soon as practicable. Management expects that the Plan will become effective and Almatis will emerge from Chapter 11 by mid October. 
 

21

Sep

2010

Press Release
  • Genehmigung schafft die Voraussetzung für die Beendigung des Chapter 11 -Verfahrens 
  • Umsetzung des Plans bis Mitte Oktober

 

Die Almatis Gruppe gab heute bekannt, dass das zuständige Gericht in New York im laufenden Gläubigerschutzverfahren nach Chapter 11 den Reorganisationsplan („Plan“) genehmigt hat. Bei der heutigen Anhörung zur Bestätigung des Plans („Confirmation Hearing“) hat das Gericht mit der Eintragung eines entsprechenden Bestätigungsbeschlusses („Confirmation Order“) entschieden, dass Almatis alle rechtlichen Voraussetzungen für eine Genehmigung des Plans erfüllt hat.

Nach der Genehmigung arbeitet Almatis konsequent an der schnellstmöglichen Umsetzung des Plans. Das Management von Almatis erwartet, dass der Plan bis Mitte Oktober rechtskräftig implementiert und das Chapter 11-Verfahren damit erfolgreich abgeschlossen werden kann.
 


Sep

2010

Source:

The 100th anniversary of speciailty alumina for non-metallurgical applications can be celebrated, as in 1910 the first calcined alumina product was used to make fused alumina abbrasives.

27

Jul

2010

We are ALUMINA
27. Jul 2010
Press Release

Frankfurt, Germany – Almatis is celebrating the 100th anniversary of its specialty alumina business that began in 1910 when its predecessor, Alcoa, made the first sales of calcined alumina products for non-aluminum applications. This was the beginning of the alumina chemicals business. One hundred years later, Almatis has become a global producer of premium alumina, with 9 plants and a widely diverse product portfolio serving its target markets in the refractory, ceramic, polishing and carpet industries around the world. 

“The prime reason for our success was and still is the close working relationship we established with our customers,” stated Remco de Jong, Almatis CEO. “Let me take the opportunity to thank all of our customers, who continue to rely/ count on us for reliable delivery of quality products and superior technical support.”

The Almatis success story and the company's leading position in the industry is distinguished by ten decades of research and development in commercializing new uses of alumina as well as continued investments in process and product innovations.

“The specialty alumina business is rebounding from the recession and has a bright future,” asserts de Jong. “Almatis will continue our legacy of providing customers with premium alumina products.”

06

May

2010

Press Release
  •  First step implementation of agreed financial restructuring
  •  Approval asures that normal course business operations can continue

 The Almatis Group today announced that the United States Bankruptcy Court for the Southern District of New York has approved the relief requested in its First Day Motions that will enable the Company to continue to operate in the ordinary course of business. These motions were submitted April 30, 2010, as part of the voluntary filing of certain subsidiaries for reorganization under Chapter 11 of the United States Bankruptcy Code (“Chapter 11”). Chapter 11 allows Almatis Group to continue normal operations, led by the current management team, while restructuring its financial indebtedness.

The key first day relief granted to the Company by the Bankruptcy Court First Day Motions included approval to use its cash to continue wage, salary and benefit payments and to pay all vendors in the ordinary course for goods and services delivered after the filing. In addition, the Company received court authority to pay prepetition claims of employees and non-US trade vendors and prepetition claims of critical US trade vendors. 

Upon commencement of its chapter 11 cases, the Company also filed its pre-packaged Plan of Reorganization (“the Plan”), the terms of which have already been approved in a Plan Support Agreement signed by over two-thirds of the holders of the Group’s senior first lien debt. Creditors entitled to vote have until May 7 to submit votes. Pursuant to the Plan Support Agreement, the Group expects quickly to receive more than enough votes to allow approval of the Plan by the Bankruptcy Court. The Plan is expected to be presented for confirmation to the Bankruptcy Court approximately within the next 45 days.  

Almatis currently has approximately $85 million of available cash to meet operating expenses and provide liquidity while it works to restructure the balance sheet.

"Securing court approval for our first day motions was a critical first step in the Chapter 11 process," said Remco de Jong, CEO of Almatis. "These approvals will allow us to continue operations as usual. We are well prepared and are committed to complete this process as quickly as possible. We are convinced that once we have fixed our balance sheet, we will emerge from this process as a stronger Company.”  The consolidated case number for the chapter 11 filings by the Company is 10-12308. Additional information about the filing is available on the company's website at www.almatis.com and at the Claims Agent's Web site athttp://chapter11.epiqsystems.com/almatis.

Note to Editors:

About Chapter 11

Chapter 11 provides a recognized and practical legal framework to reorganize over-indebted businesses under the oversight of the United States Bankruptcy Court. The effect of a Chapter 11 filing is to provide a company with protection from precipitous creditor actions, while at the same time allowing the Company time and a workable legal framework to develop and implement a plan to reorganize its debt and, if necessary, its operations.  Chapter 11 allows the Company to continue to operate and maintain its business, under the control of the Company’s current management (“in the ordinary course”), during the restructuring process.  The ability to take actions in the ordinary course of business means that the Company can, among other things, continue to service its customers, receive supplies and pay wages and salaries to its employees. Chapter 11 is, therefore, regularly used by fundamentally sound operating companies to protect enterprise value as they reorganize their debt in an orderly process. Almatis has chosen Chapter 11 as the preferred legal tool for implementing its balance sheet restructuring following extensive evaluation of available alternatives.

About Almatis

Almatis is a global leader in the development, manufacture and supply of premium specialty alumina products. With nearly 900 employees worldwide, the Company's products are used in a wide variety of industries, including steel production, cement production, non-ferrous metal production, plastics, paper, ceramics, carpet manufacturing and electronic industries. Almatis operates nine production facilities worldwide and serves customers around the world. Until 2004, the business was known as the chemical business of Alcoa.

For more information:

FD

USA:     David Press  +1 212 850-5743

Europe:  Lutz Golsch  +49 69 92037-110

             Ivo Lingnau     +49 69 92037-133

News & Events