Only a Matter of Time for TPG's Aleris
Aleris, the aerospace supplier backed by TPG Capital, is preparing to file for Chapter 11 bankruptcy protection, according to Debtwire. The company reportedly is looking for $400 million in DIP financing, has warned its lenders that it would be restructuring, and has hired advisors for the filing. TPG purchased Aleris in December of 2006 for $1.7 billion, plus the assuming of $1.6 billion in debt. The equity check was not disclosed, but it came from fund TPG Partners V, a $15 billion pool that closed shortly after the deal. The fund includes such investments as Petco, Univision, Freescale
6 February 2009•3 mins read
