Court approves Rusal bid for Kaiser Aluminum's Queensland assets

By Jeff Pines

Washington, Nov. 8 - The U.S. Bankruptcy Court for the District of Delaware approved Rusal's bid for Kaiser Aluminum Corp.'s 20% stake in Queensland Alumina Ltd.'s assets, the company said.

"Closing the QAL transaction will complete all of the planned sales of our commodity assets and will represent another important milestone on our path toward a targeted emergence from Chapter 11 - as primarily an aluminum fabricated products company - in the first half of 2005," said Jack A. Hockema, Kaiser's president and chief executive officer, in a news release.

Rusal bid $401 million in cash, subject to adjustment, for the purchase of Kaiser's alumina and bauxite inventories and the assumption of Kaiser's share of about $60 million of Queensland Alumina debt.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.