Dubai International Receives Debt for Alamtis Financing
Sources have revealed that Dubai International Capital LLC has received $335 million of underwritten debt financing. The Company would use this money to repay the German alumina-product maker lenders. Dubai International is trying to keep its control on Almatis.
Oaktree Capital Management LLC on the other hand is also not leaving any stone unturned to get the control of Almatis. The Company is considering restructuring the debt to be given to German alumina-products maker. Oaktreer would offer instant debt recovery to the junior lenders of Almatis. Oaktree is the biggest lender to Almatis.
Dubai International has planned to invest capital worth $100 million into Almatis under its offer of refinance. Over two thirds of Almatis junior lenders had permitted this refinancing proposal. It will also file this proposal in the bankruptcy court in the U.S.
A London-based spokesman for the Company refused to comment over the issue.
According to the court documents, Dubai international had made the $1.2billion worth payment for Almatis in the year 2007. At that time, the Company had received loan worth $970 million from various large banks.
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