Court starts bidding on Kaiser's Queensland assets at $525 million

By Jeff Pines

Washington, July 22 - The U.S. Bankruptcy Court for the District of Delaware approved bidding procedures for Kaiser Aluminum Corp.'s Queensland Alumina assets to start at $525 million, according to a Wednesday filing with the court.

The Houston-based aluminum company asked to start the bidding at $525 million for its 20% stake in Queensland Alumina, an independent Australian aluminum production company.

Bidding will be in increments of $2 million.

The deadline for bids will be Aug. 10 and the auction is scheduled for Aug. 16, if the company gets at least two bidders.

Though there is no stalking horse bidder at this time, the judge approved the request for a $10 million break-up fee.

A hearing on the sale is scheduled for Aug. 23.

Kaiser filed for bankruptcy on Feb. 12, 2002. The company's Chapter 11 case number is 02-10429.

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