UK-based restructuring experts have pitched to act for investment bank UBS on negotiations related to a $1bn loan to Dubai International Capital (DIC).
DIC used the loan to buy Almatis, the Frankfurt-based aluminium producer, from Rhône Capital and the Ontario Teachers' Pension Plan Board at the height of the commodities boom. The sector has since softened.
UBS, which underwrote the loan, is understood to have held a beauty parade for advisers last week, and Houlihan or Rothschild is thought to have won the mandate. Close Brothers is believed to be acting for Almatis, which is looking to ease its repayment terms.
Almatis has 900 employees in 20 locations, including production plants in the Netherlands, US, India, Japan and China.
The London offices of Lazard and Close Brothers are also understood to have won roles on the debt restructuring of Orion Cable. The group is a Germany-based cable television products supplier.Reuse content