Aleris Begins Soliciting Approval for Plan of ReorganizationBy Aleris International Inc., PRNE
Thursday, March 25, 2010
Announces Settlement with Unsecured Creditors; Committee Endorses the Amended Plan and Urges Creditors to Vote In Favor
BEACHWOOD, Ohio, March 26, 2010 - Aleris International, Inc., a global leader in aluminum rolled products,
extrusions and recycling, announced today that it has reached a settlement
with the Committee of Unsecured Creditors appointed in the Company's chapter
11 case, under which the amount of money available for payment to holders of
Class 5 Claims was increased from an initial proposed amount of US$4.0
million to US$16.5 million. The settlement has no impact on the potential
recovery of any other classes of creditors under the plan.
The Company also said that it has begun the process of soliciting
approval from eligible creditors for the Company's proposed Plan of
Reorganization. The solicitation package mailed today contains the Disclosure
Statement and information on the amended Plan and includes a letter stating
the clear support for the Plan by the Committee of Unsecured Creditors.
"We are pleased to have the support of the unsecured creditors as we
solicit votes to approve the Plan, bringing us closer to completion of the
Chapter 11 process," said Steven J. Demetriou, Aleris Chairman and CEO. "This
support, along with the support of our largest lenders, reflects their
confidence in our ability to emerge by mid-year as planned."
As previously reported, the confirmation hearing for the Plan has been
scheduled for May 13, 2010.
Claims information and Court filings, including the proposed Plan and
Disclosure Statement are available at www.kccllc.net/Aleris.
This press release is not intended to be, and should not in any way be
construed as, a solicitation of votes on the Plan. This press release is not
an offering of the rights or equity or debt securities to be offered pursuant
to the rights offering. Such securities will not be registered under the
Securities Act of 1933, as amended, and may not be offered or sold in the
United States unless registered under such Act or pursuant to an applicable
exemption there from.
Aleris International, Inc. is a global leader in aluminum rolled products
and extrusions, aluminum recycling and specification alloy production.
Headquartered in Beachwood, Ohio, a suburb of Cleveland, the Company operates
over 40 production facilities in North America, Europe, South America and
Asia, and employs approximately 6,500 employees. For more information about
Aleris, please visit our Website at www.Aleris.com.
(Logo: www.newscom.com/cgi-bin/prnh/20050504/CLW056LOGO )
Melissa Olmstead, Aleris International, Inc., +1-216-910-3513
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