| Kaiser Aluminum Expected to Exit Chapter 11 on July 6, 2006 |
Thursday June 22, 4:44 pm ET
Declares Distribution Record Date Under POR to be Close of Business on June 28, 2006
FOOTHILL RANCH, Calif.--(BUSINESS WIRE)--June 22, 2006--Kaiser Aluminum Corporation today announced that it expects its second amended plan of reorganization (POR) to become effective on or about July 6, 2006, whereupon it will emerge from Chapter 11 protection.
The company also announced that, in accordance with the POR, it has fixed the "Distribution Record Date" under the POR as the close of business on June 28, 2006. Pursuant to the POR, the company will have no obligation to recognize the transfer of, or the sale of any participation in, any allowed claim that occurs after the Distribution Record Date and will be entitled for all purposes of the POR to recognize and make distributions under the POR only to those holders of allowed claims that are holders of such claims, or participants therein, as of the Distribution Record Date.
In addition, the POR provides that, as of the Distribution Record Date, each transfer register for the public notes and bonds giving rise to claims under the POR will be closed and that neither the company nor the applicable indenture trustee will have any obligation to recognize the transfer or sale of any public note claim that occurs after the Distribution Record Date and each of them will be entitled for all purposes of the POR to recognize and make distributions under the POR only to those holders of public note claims who are holders of such claims as of the Distribution Record Date.
The company, its subsidiary Kaiser Aluminum & Chemical Corporation and certain of their affiliates filed petitions for relief under Chapter 11 in the first quarter of 2002, and additional affiliates of the company and Kaiser Aluminum & Chemical Corporation filed petitions for relief under Chapter 11 in the first quarter of 2003. On February 6, 2006, the U.S. Bankruptcy Court for the District of Delaware confirmed the POR, which is a joint plan of reorganization of all the Kaiser Aluminum companies currently operating under Chapter 11 protection, and on May 11, 2006, the U.S. District Court for the District of Delaware affirmed that confirmation.
Kaiser Aluminum Corporation is a leading producer of fabricated aluminum products for aerospace and high-strength, general engineering, automotive, and custom industrial applications.
Source: Kaiser Aluminum Corporation
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