Kaiser Aluminum seeks expedited court approval to sell its Ghanaian interests

By Jeff Pines

Washington, Sept. 21 - Kaiser Aluminum Corp. said it wants expedited court action on its plan to sell its 90% stake in Volta Aluminum Co. Ltd. based in Ghana for $18 million. Alcoa Inc. owns the remaining 10%.

The motion was filed Monday with the U.S. Bankruptcy Court for the District of Delaware.

In 2003, Kaiser agreed to sell its shares in Volta Aluminum for between $35 million and $100 million to the government of Ghana.

Ghana never funded the escrow account and only made a $5 million payment. After its auditor completed a due diligence review, the government said it wanted to reduce the purchase price to $18 million and put $13 million into escrow.

A Sept. 27 hearing on the motion is scheduled.

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

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