Aleris and European Term Loan Lenders Reach Settlement Agreement


    
    Voting Deadline for ADH Class 3 Claims Extended Through Tuesday, May 4




    
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<p>BEACHWOOD, Ohio, <span class="xn-chron">May 3</span> /CNW/ -- Aleris International, Inc., a global leader in aluminum rolled products, extrusions and recycling, said today that it has entered into a settlement agreement with certain holders of claims in ADH Class 3 (European Term Loan Claims) in connection with the pending Plan of Reorganization of Aleris and its affiliated debtors.  As a result of the settlement, these creditors now support the Plan.  The Backstop Parties under the Plan have also agreed to the terms of the settlement agreement.</p>
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<p>The settlement agreement is a significant milestone in the company's efforts to confirm a consensual plan of reorganization and emerge from chapter 11.</p>
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<p>Under the terms of the settlement agreement, holders of claims in ADH Class 3 of the Plan, other than the Backstop Parties under the Plan, that exercise ADH Term Loan Subscription Rights will receive in total the right to subscribe for <span class="xn-money">$50,000,000</span> of ADH Term Loan Subscription Rights after taking into consideration the Maximum Third-Party Reduction under the Plan.</p>
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<p>The agreement also provides for changes in the proposed Stockholders' Agreement and Registration Rights Agreement that will be entered into in connection with the Plan.  These changes enhance the rights of shareholders of the holding company that will indirectly own the assets of Aleris and its reorganized debtors following the effective date of the Plan.</p>
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<p>The U.S. Bankruptcy Court in Delaware has approved Aleris' request to modify the Disclosure Statement Order and Voting Procedures Order to extend the voting deadline for holders of claims in ADH Class 3 to <span class="xn-chron">Tuesday, May 4, 2010</span>, at <span class="xn-chron">5:00 p.m. Pacific Daylight Time</span>.  The voting deadline was extended from <span class="xn-chron">April 29, 2010</span> at <span class="xn-chron">5:00 p.m. Pacific Daylight Time</span>.</p>
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<p>In addition, the Court approved the addition of a New York, New York delivery address for ADH Class 3 ballots. Holders of claims in ADH Class 3 may return their ballots by mail, hand delivery, or overnight courier to:</p>
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    Kurtzman Carson Consultants LLC
    1230 Avenue of the Americas 7th Floor
    New York, New York 10020


    
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<p>Claims information and Court filings, including the proposed Plan and Disclosure Statement are available at <a href="http://www.kccllc.net/Aleris">www.kccllc.net/Aleris</a>.</p>
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<p>This press release is not intended to be, and should not in any way be construed as, a solicitation of votes on the Plan.  This press release is not an offering of the rights or equity or debt securities to be offered pursuant to the rights offering. Such securities will not be registered under the Securities Act of 1933, as amended, and may not be offered or sold in the <span class="xn-location">United States</span> unless registered under such Act or pursuant to an applicable exemption there from.</p>
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    About Aleris

    
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<p>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 <span class="xn-location">Cleveland</span>, the Company operates over 40 production facilities in <span class="xn-location">North America</span>, <span class="xn-location">Europe</span>, <span class="xn-location">South America</span> and Asia, and employs approximately 6,500 employees. For more information about Aleris, please visit our Website at <a href="http://www.Aleris.com">www.Aleris.com</a>.</p>
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    (Logo:  http://www.newscom.com/cgi-bin/prnh/20050504/CLW056LOGO )



    

For further information: For further information: Melissa Olmstead, Aleris International, Inc., +1-216-910-3513 Web Site: http://www.Aleris.com

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