Oaktree Capital Management LP withdrew its opposition to Dubai International Capital's (DIC) plan to retain control over bankrupt aluminum company Almatis BV hours after a "confidential" settlement offer was leaked.
Oaktree notified the court late on Monday it was withdrawing its objections to plans by DIC that would allow it to retain control of Almatis.
A proposed settlement letter from Oaktree to Almatis, marked "highly confidential," appeared on the public docket earlier Monday as part of filing by junior lenders, followed soon after by a request to withdraw it.
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