Attorney Search
Site Search
For all media inquiries, please contact:
Kate Fairweather
+44 20 7710 9842
Email

For U.S. media inquiries, please contact:
Jack Pettit
+1 212 696 6920
Email

Facebook
Twitter
Email Page Print Friendly Page Share

NEWS

October 14th, 2016
Curtis Advises Glencore Ltd. and Affiliates in Chapter 11 Cases of Sherwin Alumina

 

Curtis is representing Glencore Ltd. and its affiliates Commodity Funding, LLC (“Commodity Funding”) and Corpus Christi Alumina LLC (“CCA”) in connection with the Chapter 11 cases of Sherwin Alumina Co., LLC, (“Sherwin”), in the United States Bankruptcy Court for the Southern District of Texas before Judge David R. Jones. Sherwin’s primary business operation was the extraction of aluminum oxide (“alumina”) from bauxite ore, which is used to produce primary aluminum.  The Sherwin plant was capable of producing 1.65 million tonnes of smelter grade alumina per year.

Commodity Funding is the first lien secured prepetition lender to Sherwin pursuant to a revolving credit facility under which approximately $95 million was outstanding as of the Petition Date.  CCA is an affiliate of Commodity Funding, and entered into a "stalking horse" asset purchase agreement with Sherwin as part of the Debtor’s marketing process for the sale of its assets.  Under the terms of the asset purchase agreement, CCA would acquire substantially all of Sherwin's assets.

Following an auction on April 20, 2016, CCA was declared the Successful Bidder for substantially all of Sherwin’s assets (other than certain real property and related assets) for a purchase price of $54.5 million, which includes a credit bid of $50 million (as assignee of Commodity Funding’s claims) and $4.5 million in cash consideration.  The proposed purchase is subject to court approval pursuant to a Chapter 11 Plan.

The Curtis team working on this matter includes Restructuring and Insolvency Partners Steven J. Reisman and Shaya Rochester, Restructuring and Insolvency Litigation Partner Theresa A. Foudy and Restructuring and Insolvency Counsel James V. Drew.

International Lawyers