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May 19, 2003
Monthly Update to Customers, Employees, Suppliers, and Friends of Kaiser Aluminum:
In Today’s Court Hearing
As has been the case in recent months, most of the items on today’s agenda were fairly narrow or technical. For example, the court approved our request to retain a specialized law firm and, separately, upheld the provision that generally bars companies from pursuing lawsuits against Kaiser while we are in Chapter 11. The next regularly scheduled hearing is set for June 17, 2003.
Extension of Exclusivity
In late April, the company filed a motion with the court for an extension of exclusivity through July 2003. We expect the court to approve that extension at the June 17 hearing. Filing the motion automatically extended exclusivity until such time as the court rules on the matter.
Liquidity Remains Solid
Kaiser's total liquidity continues to be approximately $200 million despite a challenging business environment.
Personnel Actions Strengthen the Company
We continue to make key personnel decisions as part of the company’s ongoing effort to improve its performance. In particular, we have strengthened our Jamaican operations with Gene Miller’s recent appointment of two new General Managers: Darrel Harriman at Alpart and Michael Muirhead at KJBC. Both individuals have significant relevant experience at large multi-national companies. In Fabricated Products, we have promoted Tim Treneff into the newly created position of Director of eBusiness, with responsibility for configuring technology interfaces with the business unit’s customers.
As always, I want to thank customers, employees, suppliers, and others for your ongoing support.
Jack A. Hockema
President and Chief Executive Officer
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