Sherwin Alumina Receives Preliminary Loan Access

"Sherwin Alumina Co., the bankrupt unit of commodities giant Glencore PLC, made its bankruptcy-court debut in Corpus Christi, Texas, Wednesday and got preliminary access to $40 million in financing from another Glencore affiliate.
 
Judge David R. Jones approved access to $500,000 of the loan and set a hearing for final approval of the loan on Feb. 10 in Houston, Texas, where he also hears cases.
 
Joshua Sussberg of Kirkland & Ellis LLP said the loan, from Glencore affiliate Commodity Funding LLC, was the only financing available to Sherwin and that any shutdown of the company’s alumina smelting activities would be very costly to restart."

This article appeared in its entirety in the January 13, 2016 edition of The Wall Street Journal.