Oaktree Capital Management LLC filed an objection to a debt restructuring plan for German alumina- products maker Almatis as it wrestles for control of the company, according to court documents.
The proposal from shareholder Dubai International Capital LLC “will saddle the business with too much debt and excessive cash interest charges,” Los Angeles-based Oaktree said in the filing to the U.S. Bankruptcy Court for the Southern District of New York yesterday. It “raises questions not only about the debtors’ long-term viability, but the feasibility of the plan in the short-term as well.”
Oaktree, Almatis’s largest senior lender, also said it started talks with the company for a revised restructuring proposal that would cut its debt to a “significantly lower level” and provide junior lenders with better recoveries."
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