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April 25, 2005
Monthly Update to Customers, Employees, Suppliers, and Friends of Kaiser Aluminum:
In Today’s Hearing
As was the case last month, the agenda for today’s hearing was limited to a number of fairly technical or narrowly defined legal matters. Prior to the hearing, the Court approved two previously announced transactions: our assumption of an agreement relating to a sawing and finishing operation that serves the Trentwood, Washington, rolling mill and the sale of our interest in a property in Erie, Pennsylvania.
The next hearing is scheduled for April 27. That’s when the Court will continue its consideration of the approval of the liquidating plans for four commodities-related subsidiaries in connection with the sale of our interests in and related to alumina refineries in Jamaica and Australia.
Looking Ahead
I am encouraged by the company’s continued steady progress to resolve our remaining Chapter 11 issues. Based on our progress to date, and recognizing that there are always things that are beyond our control in bankruptcy, we continue to believe that Kaiser is likely to complete its restructuring and emerge from Chapter 11 in the second half of 2005.
Liquidity
Liquidity – defined as cash and borrowing availability – has continued to be more than adequate under our new DIP. Our borrowing availability is relatively unchanged, and we continue to expect it to remain above the $100 million range.
Jack A. Hockema
President and Chief Executive Officer
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