News & Analysis

TPG objects to $1bn Aleris bankruptcy financing

TPG’s objection comes after Babson Capital and GSC said the proposed bankruptcy financing is unfair to first-lien lenders who do not participate in the financing package.

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Mega-firm TPG has embroiled itself in a bankruptcy fight over a $1 billion financing package extended to its insolvent portfolio company Aleris International. The firm is trying to ensure full recovery on its $26.5 million claim in the case.

The firm, led by David Bonderman, argued in a court filing that its $26.5