Oaktree Capital teams up with Dubai International Capital to keep hold of Almatis

US distressed debt specialist Oaktree Capital has stepped in to try and help Dubai International Capital secure control of its German aluminium producer, Almatis, through a debt restructuring, the Financial Times reports.

According to the report, Oaktree and sovereign wealth fund DIC announced yesterday that they will work together on a restructuring plan to underwrite a cash injection and reduce the company’s debt, currently around $1bn. They said the move would allow them to “take advantage of current opportunities and to maximise long-term growth prospects.”

DIC chief executive Sameer Al Ansari said in a statement that the fund was still committed to Almatis and did not want to sell it.