"Oaktree Capital Management LLC, an asset manager battling Dubai International Capital LLC for control of Almatis, plans to revise its debt-restructuring plan for the German alumina-products maker, a person familiar with the situation said.
Oaktree plans to offer junior lenders of Frankfurt-based Almatis some immediate recovery of their debt, compared with its existing proposal where recovery can only be achieved if Almatis is sold for more than $325 million, said the person, who declined to be identified because the information is private.
Oaktree, the largest senior lender to Almatis, plans to file the revised plan to the U.S. bankruptcy court next week, the person said."
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