Saturday 11 July 2009

Clock ticking for Almatis restructuring - sources

Lenders to German alumina company Almatis have until September to agree a restructuring deal or a sale of the company, sources close to the situation said on Friday.

Almatis needs to make payments by the end of September to former owner Alcoa (AA.N) to pre-fund this year's commitment to its feedstock supply contract, two of the sources said.

"They are looking to fix their balance sheet before the payment is made, so that's the reason for the urgency," one of sources added.

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