Kaiser Aluminum Files for Chapter 11
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Kaiser Aluminum Corp. filed for Chapter 11 bankruptcy protection, a move that probably will lead to further consolidation in the ailing aluminum industry.
Houston-based Kaiser, which employs more than 6,000, said it expected to secure $300 million in financing from Bank of America Corp. The company listed total assets of $3.3 billion and debts of $3.1 billion.
The aluminum industry has fallen on hard times, crippled by a manufacturing slowdown that has driven down prices. Kaiser also said asbestos litigation and growing medical and pension costs for retirees led to a credit crunch and cash flow problems.
Kaiser shares fell 16 cents to close at 35 cents on the New York Stock Exchange.
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