Kaiser files plan to emerge from bankruptcy

Kaiser Aluminum Corp. said on Wednesday it expects to emerge from more than three years of Chapter 11 bankruptcy protection in the fourth quarter of this year.

The 60-year-old aluminum producer said it had filed its plan of reorganization and disclosure statement in U.S. Bankruptcy Court for the District of Delaware.

The plan must be voted on by Kaiser’s creditors and confirmed by the court, the Foothill Ranch, California-based company said.

The disclosure statement is subject to approval by the bankruptcy court, and certain provisions of the plan regarding the treatment of asbestos and other personal injury claims remain under negotiation.

“In February of 2002, we said that Chapter 11 would provide us with the tools we needed to restructure our balance sheet and return to sustained long-term profitability,” said president and chief executive officer Jack Hockema. “The plan we filed today provides those tools.”

Kaiser Aluminum produces fabricated aluminum products for aerospace and high-strength, general engineering, automotive and custom industrial use. The company has more than 2,000 employees and 11 plants in North America with a capacity to produce more than 400 million pounds annually.

For Subscribers

FOR SUBSCRIBERSCBP leaders cut out of Trump ad buy decision

FOR SUBSCRIBERSAmerican passenger drafted goodbye texts to her family as Flydubai plane plummeted

FOR SUBSCRIBERSCornell rape allegation pushes embattled New York prosecutor into national spotlight

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

The company said it expects to continue to own its 49 percent interest in Anglesey Aluminium Ltd, which operates a smelter in Wales.

For Subscribers

FOR SUBSCRIBERSCBP leaders cut out of Trump ad buy decision

FOR SUBSCRIBERSAmerican passenger drafted goodbye texts to her family as Flydubai plane plummeted

FOR SUBSCRIBERSCornell rape allegation pushes embattled New York prosecutor into national spotlight

FOR SUBSCRIBERSAbdul El-Sayed tries to woo MAHA voters as Democrats seek inroads with RFK’s supporters

FOR SUBSCRIBERSKratom-like substances are popping up in a typically benign supplement

FOR SUBSCRIBERSGOP super PAC increases its spending for Sen. Jon Husted in tough Ohio race

FOR SUBSCRIBERSRecords reveal tumultuous marriage between slain New York Times executive and wife

FOR SUBSCRIBERSFrom clean energy warrior to ‘wall of shame,’ James Talarico reverses on a fossil fuel money pledge

FOR SUBSCRIBERSCongressional staff planned official trip with luxury stops in Italy and France weeks before election

FOR SUBSCRIBERSA harrowing ordeal aboard an Israel-bound plane

FOR SUBSCRIBERSOpenAI CEO Sam Altman to skip congressional hearing on rogue AI agents

FOR SUBSCRIBERSKey DOJ lawyers departed Trump ‘grand conspiracy’ probe amid pressure to produce, source says

FOR SUBSCRIBERSTrump’s new AI chatbot often links to a site launched under Clinton 26 years ago

FOR SUBSCRIBERSAt MAHA summit, industry CEOs the movement once vilified take the stage

FOR SUBSCRIBERSThis Paralympian has two goals: Win medals and give away $500,000 to her teammates

The restructuring would resolve pre-petition claims that are currently subject to compromise, Kaiser said. Those claims include retiree medical, pension, asbestos and other tort, bond and note claims. The plan would also result in the cancellation of the equity interests of current stockholders and the distribution of equity in the emerging company to creditor constituents.

The majority of the new equity would be distributed to two voluntary employee benefit associations that were created in 2004 for salaried and hourly retirees in connection with the cancellation of retiree medical plans, it said.

All pre-petition personal injury claims relating to asbestos, silica, coal tar pitch and hearing loss would be permanently resolved by the formation of certain trusts funded primarily by Kaiser’s rights to proceeds from certain of its insurance policies, the company said.