Kaiser bankruptcy hits scrap segment. (Scrap Industry News).Kaiser Aluminum Kaiser Aluminum (NASDAQ: KALU) is an American aluminum producer. The company was founded in 1946 by American industrialist Henry J. Kaiser. Kaiser entered the aluminum business by purchasing two government-owned aluminum facilities in Washington state. Corp., Houston, has filed for Chapter 11 bankruptcy in the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the District of Delaware. Immediately after the filing, the company was able to gain access to $100 million in Debtor-in-Possession (DIP) financing from Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. to continue its operations. "The DIP financing, in combination with the company's current invested cash, should provide sufficient liquidity to meet ongoing operating needs," the company stated in a news release. "Kaiser's production and shipment of bauxite bauxite (bôk`sīt, bŏk`–), mixture of hydrated aluminum oxides usually containing oxides of iron and silicon in varying quantities. , alumina, primary aluminum products, and fabricated aluminum products will continue without interruption," the statement added. According to a list of creditors published by the ProfitGuard newsletter, four large banks head up the creditors list, with claims on the company ranging from $12 million to $400 million. Several metals companies are also owed money by Kaiser, including Glencore AG of Switzerland, Alcan International Limited, Enron Metals & Commodity Ltd., and Los Angeles Scrap Iron & Metal. The Defense Logistics Agency Noun 1. Defense Logistics Agency - a logistics combat support agency in the Department of Defense; provides worldwide support for military missions Defense Department, Department of Defense, DoD, United States Department of Defense, Defense - the federal department , Fort Belvoir, Va., is also owed $10.8 million by Kaiser. Many of the company's foreign subsidiary operations, including partnerships, were not affected by or covered under the filing, including a Kaiser extrusion plant in Canada. |
|
||||||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion