Kaiser Aluminum obtains court approval of disclosure statements for Alumina subsidiaries

By Ellen Chang

Houston, Feb. 23 - Kaiser Aluminum announced that the U.S. Bankruptcy Court for the District of Delaware approved the amended disclosure statements for two separate liquidating plans relating to the company's Jamaican and Australian alumina operations.

The company expects to file amended plans and disclosure statements containing these modifications within the next few days. None of the modifications is expected to affect the previously proposed distributions.

One disclosure statement covers Alpart Jamaica Inc. and Kaiser Jamaica Corp., the subsidiaries through which Kaiser Aluminum & Chemical Corp. owned interests in Alumina Partners of Jamaica, which operates a bauxite mining operation and alumina refinery in Jamaica. Alpart Jamaica and Kaiser Jamaica sold their interests in Alpart on July 1, 2004.

The second disclosure statement covers Kaiser Alumina Australia Corp. and its Kaiser Finance Corp. subsidiary. Kaiser Alumina Australia owns a 20% interest in Queensland Alumina Ltd., which owns and operates an alumina refinery in Australia. Kaiser Aluminum & Chemical and Kaiser Alumina Australia expect to close on the sale of their interests in Queensland Alumina to Rusal around the end of the first quarter or early in the second quarter of 2005.

A hearing on April 13 will consider confirmation and approval of the two liquidating plans.

The court has also approved an extension of the exclusive periods through April 30 for Alpart Jamaica, Kaiser Jamaica, Kaiser Alumina Australia, and Kaiser Finance and through June 30 for Kaiser Aluminum & Chemical and the remaining Kaiser entities.

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.