August 9, 2005
Kaiser Aluminum Corp., Foothill Ranch, Calif., together with Kaiser Aluminum & Chemical Corp. and 19 of its subsidiaries, has filed a reorganization plan and a related disclosure statement in the U.S. Bankruptcy Court for the District of Delaware.
The disclosure statement is subject to approval by the court, and certain provisions of the plan regarding the treatment of asbestos and other personal injury claims remain under negotiation. In addition, the plan must be voted upon by Kaiser's creditors and ultimately confirmed by the court. Once the disclosure statement is approved by the court, the company will solicit plan approval by the creditors.
Based on the recent pace of the reorganization process and assuming there are no prolonged delays in the plan approval process, the company expects to emerge from Chapter 11 during the fourth quarter 2005.