Almatis restructuring, advising GSO Capital Partners

September 2010

Van Doorne advised GSO Capital Partners on the debt restructuring and recapitalisation of Almatis, the Dutch based alumina producer. This was done against the issuance by Dutch holding companies of a combination of notes, ordinary shares and preference shares to (i) GSO Capital Partners, Sankaty Credit Opportunities en Golden Tree Asset Management, (ii) the existing lenders en (iii) Dubai International Capital (the existing shareholder). 

Almatis was put in US Chapter 11 proceedings by Oaktree as creditor of the existing senior debt in attempt to take over control over Almatis by way of a conversion of senior debt into equity. The financing by GSO Capital provides the financing of Dubai International Capital's alternative plan of reorganisation in the Chapter 11 process to retain control of Almatis. This matter is one of the most high-profile debt restructurings globally.

Value: > USD 1 billion (total amount of debt to be restructured)

On the Van Doorne banking and finance team were partner Stefan van Rossum (team leader) and associate Zafer Tosun. Harm Uittien (partner), Joost Kolkman (senior associate) Steffen Alleman (associate) and Anne-Lize van Dusseldorp (candidate civil-law notary) advised GSO Capital on corporate matters, partner Ewout van Asbeck on tax matters.

<Back