Aleris

Aleris is a US aluminum products manufacturer that filed for chapter 11 bankruptcy on 12 February, at the US bankruptcy court for the district of Delaware. According to a November 2008 10Q filing, the company held approximately $2.7 billion in total outstanding debt.

Having triggered a credit event under its loan-only credit default swaps, a credit settlement auction on 9 March 2009 determined LCDS recoveries at 8 points, with net open interest at $40 million to buy.

Aleris obtained $1.075 billion of debtor-in-possession financing from Apollo and Oaktree, according to regulatory filings.