Almatis Group, advising GSO Capital Partners

September 2010

Van Doorne acted as Dutch counsel to GSO Capital Partners regarding the financial restructuring and recapitalisation of the Dutch-based Almatis group through the issuance by the Dutch Almatis holding companies of several debt and equity instruments to Dubai International Capital, GSO Capital Partners, Sankaty Credit Opportunities and Golden Tree Asset Management.

Almatis was put in US Chapter 11 proceedings by Oaktree as creditor of the existing senior debt, in attempt to take control over Almatis by way of conversion of senior debt into equity. The financing by GSO Capital Partners, Sankaty Credit Opportunities and Golden Tree Asset Management provided the necessary funding for Dubai International Capital’s alternative plan in the Chapter 11 proceedings to retain control of Almatis. This has been one of the most high-profile financial restructurings globally this year.

Almatis is a global leader in the development, manufacture and supply of premium specialty alumina products. With nearly 900 employees worldwide, the Almatis' products are used in a wide variety of industries, including steel production, cement production, non-ferrous metal production, plastics, paper, ceramics, carpet manufacturing and electronic industries. Almatis operates nine production facilities worldwide and serves customers around the world.

On the Van Doorne team were partners Harm Uittien (corporate), Stefan van Rossum (banking and finance), and Ewout van Asbeck (tax), and associates Joost Kolkman (senior associate corporate), Zafer Tosun (associate banking and finance), Anne-Lize van Dusseldorp (candidate civil-law notary) and Steffen Alleman (associate corporate).

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