White & Case LLP - News - White & Case Advises Lead Investor GSO Capital Partners LLP in Restructuring of the World’s Largest Alumina Company

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White & Case Advises Lead Investor GSO Capital Partners LLP in Restructuring of the World’s Largest Alumina Company

London, New York, October 1, 2010 ... Global law firm White & Case LLP has acted for GSO Capital Partners LLP, the lead investor in the new senior secured bonds which will refinance the debts of the world's largest alumina company Almatis, enabling the company to exit bankruptcy.

Almatis exited Chapter 11 proceedings on 30 September 2010 after a US bankruptcy court sitting in New York approved a plan for the restructuring earlier in the month. Almatis entered the Chapter 11 process in the USA on April 30 this year, after a failed proposal to refinance its $1 billion debt.

"GSO's financing proposal allowed Almatis to move forward with a plan for restructuring which refinanced its senior debt at par and more than 90 per cent of the mezzanine lenders and all the junior mezzanine lenders agreed to," said Mark Glengarry, the White & Case partner who led the team. "Almatis will now be able to exit Chapter 11 and move forward, to the benefit of the company and all of its stakeholders."

Under the deal finalised last week, the company will receive $600 million debt financing (made up of $410 million and €110 million eight-year senior secured notes and a EUR 50 million five-year revolving credit facility). The funding was provided by GSO Capital Partners LLP as lead investor, together with a consortium which includes JP Morgan, Bank of America Merrill, Golden Tree Asset Management, and Sankaty Credit Opportunities; alongside a $100 million equity contribution from Dubai International Capital, in exchange for which it retains a 60% stake in Almatis.

The successful completion of Almatis follows White & Case's involvement in a series of pioneering restructuring transactions within the last 18 months. This has involved the restructuring of over €50 billion worth of debt facilities, including the ground breaking US$21 billion restructuring of Kazakhstan's BTA / Alliance Bank; the UK's largest ever pre-pack administration of Wind Hellas and the complex consensual restructuring of Global Investment House.

White & Case's Financial Restructuring and Insolvency team is part of the Firm's wider Banking and Capital Markets group, which comprises 24 partners and 100 lawyers in London.

White & Case's team was led by London restructuring partner Mark Glengarry, with banking partner David Becker, and corporate partner Philip Broke; assisted by associates Sean Johnson, David Manson, Sophie Vann, Stacy Lopez, Amitaben Patel, Katie Preiskel, Ben Prior, Boris Docekal and Fergus O'Domhnaill. The team was assisted in New York by Gerald Uzzi and Chris Shore with associates Avi Goldenberg and Radek Pawlowski.

About White & Case
White & Case LLP is a leading global law firm with lawyers in 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices.

Contact:
Charlotte McCubbin
Media Relations Executive
White & Case LLP
+ 44 20 7532 2848

	Press Releases
Expertise Financial Restructuring and Insolvency Lawyers David Becker Philip Broke Sean Johnson David Manson Sophie Vann Stacy Lopez Gerard Uzzi J. Christopher Shore Radek Pawlowski Amitaben Patel Locations London New York	White & Case Advises Lead Investor GSO Capital Partners LLP in Restructuring of the World’s Largest Alumina Company London, New York, October 1, 2010 ... Global law firm White & Case LLP has acted for GSO Capital Partners LLP, the lead investor in the new senior secured bonds which will refinance the debts of the world's largest alumina company Almatis, enabling the company to exit bankruptcy. Almatis exited Chapter 11 proceedings on 30 September 2010 after a US bankruptcy court sitting in New York approved a plan for the restructuring earlier in the month. Almatis entered the Chapter 11 process in the USA on April 30 this year, after a failed proposal to refinance its $1 billion debt. "GSO's financing proposal allowed Almatis to move forward with a plan for restructuring which refinanced its senior debt at par and more than 90 per cent of the mezzanine lenders and all the junior mezzanine lenders agreed to," said Mark Glengarry, the White & Case partner who led the team. "Almatis will now be able to exit Chapter 11 and move forward, to the benefit of the company and all of its stakeholders." Under the deal finalised last week, the company will receive $600 million debt financing (made up of $410 million and €110 million eight-year senior secured notes and a EUR 50 million five-year revolving credit facility). The funding was provided by GSO Capital Partners LLP as lead investor, together with a consortium which includes JP Morgan, Bank of America Merrill, Golden Tree Asset Management, and Sankaty Credit Opportunities; alongside a $100 million equity contribution from Dubai International Capital, in exchange for which it retains a 60% stake in Almatis. The successful completion of Almatis follows White & Case's involvement in a series of pioneering restructuring transactions within the last 18 months. This has involved the restructuring of over €50 billion worth of debt facilities, including the ground breaking US$21 billion restructuring of Kazakhstan's BTA / Alliance Bank; the UK's largest ever pre-pack administration of Wind Hellas and the complex consensual restructuring of Global Investment House. White & Case's Financial Restructuring and Insolvency team is part of the Firm's wider Banking and Capital Markets group, which comprises 24 partners and 100 lawyers in London. White & Case's team was led by London restructuring partner Mark Glengarry, with banking partner David Becker, and corporate partner Philip Broke; assisted by associates Sean Johnson, David Manson, Sophie Vann, Stacy Lopez, Amitaben Patel, Katie Preiskel, Ben Prior, Boris Docekal and Fergus O'Domhnaill. The team was assisted in New York by Gerald Uzzi and Chris Shore with associates Avi Goldenberg and Radek Pawlowski. About White & Case White & Case LLP is a leading global law firm with lawyers in 36 offices in 25 countries. Among the first US-based law firms to establish a truly global presence, we provide counsel and representation in virtually every area of law that affects cross-border business. Our clients value both the breadth of our global network and depth of our US, English and local law capabilities in each of our regions and rely on us for their complex cross-border transactions, arbitration and litigation provided by our global practices. Contact: Charlotte McCubbin Media Relations Executive White & Case LLP + 44 20 7532 2848