Financial investment firm Dubai International Capital (DIC) has presented a new refinancing plan for German aluminium company Almatis to a US court that would allow DIC to keep control of Almatis.

The plan would derail a competing plan by Almatis' debtor Oaktree aimed at taking control of Almatis, which has debts of $1 billion, from DIC.

A consortium of banks and debt investors would lend Almatis $600 million, while DIC would inject $100 million in cash under the plan, Almatis said on Monday.

DIC has been fighting for Almatis, which supplies steel companies with alumina, for more than a year.

Almatis, acquired by DIC via a leveraged buyout in 2007, has operations in Europe and the US. A court hearing on the motion is scheduled for August 3.-Reuters