Aleris Emerges From Chapter 11

Steven Demetriou, Aleris’s chairman and CEO, said, "We have used the past 15 months to reduce costs and significantly improve our operations worldwide, while delivering value to our customers. Today, we are well positioned to compete in the global marketplace, with significantly enhanced financial flexibility and a strong production platform. We will continue to build on this foundation for the benefit of all our stakeholders."

Aleris is a privately held company, majority owned by a group led by certain investment funds managed by Oaktree Capital Management, L.P., affiliates of Apollo Management, L.P. and Sankaty Advisors, LLC.

In conjunction with its emergence from Chapter 11, Aleris closed on its rights offering in the amount of $609 million, which is comprised of $45 million in 10 year unsecured notes and up to $564 million in new equity. Additionally, Aleris has a new, fully committed, $500 million asset based revolving credit facility and over $300 million in liquidity.