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April 28, 2003
Monthly Update to Customers, Employees, Suppliers, and Friends of Kaiser Aluminum:
In Today’s Bankruptcy Court Hearing
As was the case last month, today’s Court agenda consisted mostly of narrowly focused technical, legal, and procedural matters (for example: some retention applications for additional professionals) and some fairly routine business matters (for example: motions to sell some surplus raw materials at the Mead, Washington, smelter). In addition, although not officially on the agenda for today’s hearing, the Unsecured Creditors' Committee has indicated its support for a 90-day extension of the exclusivity period beyond April 30, and we expect that the other constituencies will agree because we continue to make good progress. We will file a formal motion before April 30 that will automatically extend exclusivity until the Court takes up the matter at the next regularly scheduled hearing on May 19.
Other Chapter 11 Items
The bankruptcy process continues to move forward. Within the past several weeks, members of management and I have had high-level meetings with both the Unsecured Creditors' Committee and the Asbestos Claimants’ Committee. We have another meeting coming up with the Creditors in May. In addition, we are continuing to work through the claims reconciliation process. I know that some of you at the plants have been called upon to help with this effort, and I thank you for your cooperation.
Financial Position Remains Solid
Kaiser's total liquidity continues to be approximately $200 million despite a challenging business environment.
Paris Air Show
Kaiser is participating once again this year in the Paris Air Show in May. This is the premiere annual event in the aerospace industry. It’s important for us to maintain a strong presence at such events to demonstrate that we’re here for the long haul. This event is doubly important to us since we have a number of large European customers in this business.
Thanks again to customers, employees, suppliers, and others for your ongoing support.
Jack A. Hockema
President and Chief Executive Officer
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