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July 19, 2004
Monthly Update to Customers, Employees, Suppliers, and Friends of Kaiser Aluminum:
In Today’s Hearing
The Court approved:
- The previously announced sale of Kaiser’s interests in the Gramercy, Louisiana, alumina refinery and the related KJBC bauxite mining operation in Jamaica to a joint venture of Century and Noranda. The company expects to close on the transaction later in the third quarter; and
- A motion that describes bidding procedures for the potential sale of Kaiser's interest in the QAL alumina refinery in Australia. Among other conditions, the motion sets $525 million as the minimum bid, cites an August 10 deadline for the submission of any bids, and specifies that qualified bidders would participate in an auction to be held on August 16. Under this scenario, the Court could be in a position to rule on the sale at the next regularly scheduled hearing – on August 23.
Extension of Exclusivity
On June 30, the company filed a motion with the Court to request an extension of the period of exclusivity through October 31, 2004. As is customary, the filing of the motion provided us with an automatic extension of the exclusive period until August 23, when the Court is expected to rule on our request
Other Matters
The company continues to have discussions with various parties regarding three remaining issues that are key to Kaiser’s reorganization plan. In particular, we are in discussion with:
- The Unsecured Creditors’ Committee and others concerning the proposed Intercompany Settlement Agreement, which essentially defines the allocation of proceeds from the sale of certain commodity assets;
- The Pension Benefit Guaranty Corporation regarding that agency’s possible takeover of hourly pension plans; and
- The lenders under our Post-Petition Credit Agreement concerning modifications that would provide, among other things, formal authorization to complete various asset sale transactions.
Liquidity
Liquidity continues to be adequate, typically fluctuating in the range of $150 million to $190 million.
Jack A. Hockema
President and Chief Executive Officer
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MONTHLY OPERATING REPORTS
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July 19, 2004
May 28, 2004
Kaiser Bankruptcy
Retiree Medical Q&A
May 18, 2004
April 26, 2004
March 23, 2004
February 23, 2004
February 4, 2004
January 26, 2004
December 19, 2003
Letter to Participants of the Kaiser Aluminum Salaried Employees Retirement Plan (KRP)
December 15, 2003
November 17, 2003
October 27, 2003
September 22, 2003
August 25, 2003
July 28, 2003
July 24, 2003:
Memo to Salaried Retirees and Employees Regarding Section 1114 Bankruptcy Court Filing
July 24, 2003:
Open Letter to Customers and Suppliers from CEO Jack Hockema
June 16, 2003
May 19, 2003
April 28, 2003
March 17, 2003
February 4, 2003
January 27, 2003
January 14, 2003 (Jamaica)
January 14, 2003 (Canada)
December 19, 2002
November 26, 2002
October 29, 2002
September, 23, 2002
August 27, 2002
July 17,2002
June 21, 2002
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