Kaiser completes sale of interest in Queensland Alumina

New York, April 1 - Kaiser Aluminum said it closed on the sale of its 20% interest in Queensland Alumina Ltd. to Rusal for $401 million in cash.

Rusal also bought Kaiser's alumina and bauxite inventories and assumed Kaiser's obligations related to $60 million of Queensland Alumina debt. Kaiser also transferred its existing alumina sales contracts and other agreements relating to Queensland Alumina. The cash price is subject to working capital adjustments.

Rusal was the winning bidder for Queensland Alumina at a court-supervised auction.

Announcing completion of the sale, Kaiser noted that most of the value realized is likely to go to holders of its publicly traded notes and the Pension Benefit Guaranty Corp.

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

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