Kaiser seeks extension on exclusivity until Oct. 31 to file a plan

By Jeff Pines

Washington, July 1 - Kaiser Aluminum Corp. asked the court to extend its exclusive right to file a plan of reorganization to Oct. 31 and its exclusive right to solicit votes for the plan until Dec. 31.

Kaiser filed the request with the U.S. Bankruptcy Court for the District of Delaware on Wednesday.

If the extension is approved, it would be the company's seventh.

During this extension, Kaiser said it finalized labor agreements and retiree benefit obligations. It also continued to make progress in selling its commodities businesses, including selling its interests in the Alpart alumina refinery for $315 million.

Kaiser said it needs the extension to finalize an agreement with creditors resolving inter-company claims, continue negotiations with the Pension Benefits Guaranty Corp. over pension obligations, continue negotiations with the advisers for and representatives of asbestos and other tort creditors and to proceed with the sale of its Gramercy, La., refinery and of its interests in Queensland Alumina Ltd.

An Aug. 23 hearing is scheduled.

Kaiser filed for Chapter 11 on Feb. 12, 2002. Its Chapter 11 case number is 02-10429.

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