Feb 13 (Reuters) - Aleris International Inc [TXPACA.UL], the bankrupt producer of aluminum rolled products, said on Friday it received court approval to access $150 million of its debtor-in-possession financing, and to pay employees and vendors.

The company, owned by an affiliate of private equity firm TPG [TPG.UL], filed for Chapter 11 bankruptcy protection on Thursday in the U.S. Bankruptcy Court for the District of Delaware, citing decreased demand for aluminum amid a downturn and a heavy debt load.

In a statement on Friday, Aleris said Judge Brendan Shannon had granted interim approval for the company to access $150 million of its total expected $1.075 billion debtor-in-possession (DIP) financing.

The DIP credit facilities include a new $500 million term loan and a $575 million revolving credit facility that replaces the company's previous revolving credit facility, Aleris said.

The privately-held aluminum recycler also gained approval for other "first day" motions, so that it will be able to pay vendors for goods and services received while it operates in bankruptcy.

TPG, through affiliate Aurora Acquisition Holdings, bought Aleris in December 2006, for about $1.7 billion, plus the assumption of about $1.6 billion in debt.

Aleris said a hearing for final approval of the motions has been scheduled for March 11, 2009.

The case is In re: Aleris International Inc, No 09-10478, U.S. Bankruptcy Court, District of Delaware. (Reporting by Santosh Nadgir in Bangalore; Editing by Anthony Kurian)