BEACHWOOD, Ohio, June 1 /PRNewswire/ -- Aleris International, Inc. a global leader in aluminum rolled products, extrusions and recycling, announced today that it has emerged from Chapter 11, having completed its financial and operational restructuring.
Steven J. Demetriou, Aleris Chairman and CEO, said, "We have used the past 15 months to reduce costs and significantly improve our operations worldwide, while delivering value to our customers. Today we are well positioned to compete in the global marketplace, with significantly enhanced financial flexibility and a strong production platform. We will continue to build on this foundation for the benefit of all our stakeholders."
"I want to take this opportunity to reiterate the appreciation for all of our hard-working employees around the world who have helped make our restructuring a success and who will be an important part of our future. In addition, I would like to thank our creditors, who demonstrated confidence in Aleris by voting to accept our plan of reorganization and participating in the rights offering conducted as part of the plan."
Aleris is a privately held company, majority owned by a committed ownership group led by certain investment funds managed by Oaktree Capital Management, L.P., affiliates of Apollo Management, L.P. and Sankaty Advisors, LLC. In conjunction with its emergence from Chapter 11, Aleris today closed on its rights offering in the amount of $609 million, which is comprised of $45 million in 10 year unsecured Notes and up to $564 million in new equity. Additionally, Aleris has a new, fully committed, $500 million asset based revolving credit facility and over $300 million in liquidity.
Aleris Deutschland Holding GmbH, a non-operating holding company with no employees or operating assets which conducts no commercial business, has also emerged from Chapter 11.
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.
SOURCE Aleris International, Inc.