Kaiser Aluminum's liquidating plans for Jamaica, Australia refineries approved by creditors

New York, April 11 - Kaiser Aluminum Corp. said creditors voted to accept the liquidating plans for its alumina refineries in Jamaica and Australia.

Sufficient creditors by volume and amount backed both plans to allow confirmation to proceed, the Houston aluminum company said.

However holders of Kaiser's 12¾% senior subordinated notes voted not to accept the plans. As a result the court will determine the allocation of distributions to holders of the company's 9 7/8% senior notes, 10 7/8% senior notes and 12¾% senior subordinated notes.

Under the Australia plan, there is $396 million available for distribution, of which unsecured creditors are expected to receive $332.5 million to $347.5 million.

For the Jamaica plan, there is $277.8 million available for distribution, of which unsecured creditors are expected to receive $253.8 million to $262.8 million.

In each case, the Pension Benefit Guaranty Corp. will receive around 32% of the amount available to noteholders.

Had they voted in favor, the senior subordinated noteholders would have received $8 million from each liquidation.

A confirmation hearing is scheduled for April 13.

Kaiser filed for bankruptcy on Feb. 12, 2002 in the U.S. Bankruptcy Court for the District of Delaware. Its Chapter 11 case number is 02-10429.

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