Aleris seeks OK of bankruptcy exit funding letter

NEW YORK, April 26 (Reuters) - Aleris International Inc [TXPACA.UL] has asked a judge to allow it to enter into an agreement with financial companies that would help fund the maker of aluminum rolled products company to exit bankruptcy, according to court documents.

The so-called commitment letter would spell out the terms and fees for a deal with parties that have agreed to provide a total of $500 million in first-lien senior secured asset-based financing. Aleris would use the financing to fund operations and pay expenses related to emerging from bankruptcy, according to a motion filed Friday in Delaware.

Bank of America (BAC.N) would act as administrative agent, while Bank of America Securities LLC and JPMorgan Chase Securities Inc (JPM.N) would be the joint lead arrangers for the financing deal, if approved.

Aleris filed for Chapter 11 bankruptcy in February, 2009, hurt by a sharp drop in demand for cars during the crippling U.S. recession. The company makes rolled aluminum sheet plate used in the automotive, building and aerospace industries.

The case is In re: Aleris International Inc, U.S. Bankruptcy Court, District of Delaware, No. 09-10478. (Reporting by Chelsea Emery; Editing by Lisa Von Ahn)