Court Approves Aleris's Disclosure Statement and Sets Confirmation Hearing Date for Plan of Reorganization
Mar 12, 2010
BEACHWOOD, Ohio, March 12 /PRNewswire/ -- Aleris International, Inc. a global leader in aluminum rolled products, extrusions and recycling, announced today that the U.S. Bankruptcy Court in Delaware has approved the Disclosure Statement filed in connection with its proposed Plan of Reorganization. The Court has also authorized the Company to begin the process of soliciting approval for the Plan from eligible creditors. A confirmation hearing for the Plan has been scheduled for May 13, 2010. With these developments, Aleris and its co-debtor subsidiaries are positioned to emerge from chapter 11 protection by mid-year.
As previously reported, Aleris expects to emerge from its reorganization process with a strong balance sheet, significantly reduced operating costs and greater financial flexibility.
"We are nearing the completion of the chapter 11 process," said Steven J. Demetriou, Aleris Chairman and CEO. "With our operational improvements, combined with the new financial structure that will be in place upon emergence, we believe that we will be well-positioned to grow and continue building Aleris into a global aluminum enterprise for the long-term benefit of our customers, suppliers, business partners and employees."
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.
SOURCE Aleris International, Inc.