in

7 April 2005 – LAWFUEL – The Law News Network – Linklaters’ US team h…

7 April 2005 – LAWFUEL – The Law News Network – Linklaters’ US team has advised MatlinPatterson Global Opportunities Partners II LP and MatlinPatterson Global Opportunities Partners (Cayman) II LP on their acquisition of significant equity and debt positions in the newly reorganised Ormet Corporation.

Ormet Corporation, one of the largest fully integrated aluminium and alumina producers in the United States, emerged from chapter 11 protection on April 1, 2005. Following emergence, MatlinPatterson Global Opportunities Partners II became the largest shareholders in, and secured term lenders to, the reorganised company.

Linklaters represented MatlinPatterson Global Opportunities Partners II as debtor-in-possession (DIP) lenders to Ormet and as the plan sponsors for Ormet’s plan of reorganisation. The plan provided for, among other things, MatlinPatterson Global Opportunities Partners II to convert their general unsecured claims into shares of Ormet and to exchange their DIP term notes into new senior secured term notes of Ormet.

The Linklaters team was lead by Mark Palmer, New York-based corporate and restructuring partner, and included US partners Martin Flics and Amanda Gallagher, counsel Sabrina Silver, and associates Jonathan Gill, Joel Moss, Aaron Javian, Eileen Skuse and Eduardo Lima.

British MP George Galloway and his opponent the Daily Telegraph will leave no stone unturned to sort out what could be a spectacular libel case.