Dubai Int'l Capital proposes new plan for Almatis | Reuters

Bankrupt German aluminum maker Almatis BV is considering a new refinancing proposal from its owner Dubai International Capital LLC, but senior debtholders urged the judge to stick to the original reorganization plan.

In a letter dated Wednesday to Judge Martin Glenn, who is overseeing the case, the company's attorney's said they received a proposal from Dubai International Capital, or DIC [DUBAHP.UL], that would pay off the company's senior debt in full. Junior creditors would receive a greater recovery than under the company's current plan, according to the letter.

"Unlike prior proposals received from DIC, the alternative plan proposal comes with evidence, which the debtors are currently evaluating, of financing necessary for its implementation," the letter said.