Kaiser Australia senior note claims estimated to recover 51%-55%

By Jeff Pines

Washington, Nov. 16 - Holders of Kaiser Alumina Australia Corp.'s 9 7/8% and 10 7/8% senior notes will get an estimated recovery of 51% to 55%, according to a disclosure statement filed with the bankruptcy court Monday.

The company estimates it will distribute $211.1 million to $228.3 million to claimsholders.

Kaiser Alumina Australia and Kaiser Finance Corp. filed the joint liquidation plan with the U.S. Bankruptcy Court for the District of Delaware Monday.

There are an estimated $414.12 million of senior note claims.

Holders of Kaiser Alumina Australia's senior subordinated notes will only recover an estimated 1.9%, or a pro rata share of $8 million. Kaiser estimates there are $427.2 million of these claims.

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

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