Aleris International Provides Update on Debtor-In-Possession Financing and First Day Motions

BEACHWOOD, Ohio, March 11, 2009 /PRNewswire via COMTEX/ -- Aleris International, Inc. today provided an update on its debtor-in-possession financing and first day motions in connection with its previously announced Chapter 11 filing on February 12, 2009. The U.S. Bankruptcy Court for the District of Delaware authorized the Company to pay and continue to honor certain remaining employee benefits that had not been previously approved. It also granted final approval of the Company's first day motions for authority to pay certain vendor claims and procedures for addressing utility issues. In addition, in order to allow the Unsecured Creditors' Committee time to complete its work in connection with the Company's debtor-in-possession ("DIP") credit facility, the Company has agreed to reschedule the hearing on the DIP for March 16, 2009. The $1.075 million DIP credit facility, which includes a new $500 million term loan and a $575 million revolving credit facility, will be used for the Company's normal operating and working capital requirements during its reorganization process. The Company previously received interim approval of the DIP financing facility from the Court on February 13, 2008. The Aleris Chapter 11 case number is 09-10478, with the Honorable Brendan Shannon presiding. More information about Aleris's restructuring is available at www.Aleris.com/restructure. Court filings and claims information are available at www.kccllc.net/Aleris. About Aleris Aleris International, Inc. is a global leader in aluminum rolled products and extrusions, aluminum recycling and specification alloy production. Headquartered in Beachwood, Ohio, a suburb of Cleveland, the Company operates over 40 production facilities in North America, Europe, South America and Asia, and employs approximately 8,400 employees.