UPDATE 3-Almatis files for bankruptcy, rejects DIC proposal | Reuters

Debt-laden German aluminium firm Almatis B.V. filed for Chapter 11 protection in a U.S. bankruptcy court, two days after its owner Dubai International Capital [DUBAHP.UL] (DIC) urged the company's lenders not to rush into bankruptcy.

Almatis, which has rejected DIC's earlier refinancing proposal, said the primary aim of the bankruptcy plan is to reduce the debt load, implement a workable capital and corporate governance structure.

In an emailed response, DIC said it will vigorously dispute the reorganization plan and the valuation put forward by Almatis' management in court. DIC said the company's Chapter 11 filing was "extraordinary and inexplicable."