Kaiser Aluminum says financing approved by court

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HOUSTON, March 19 (Reuters) - Kaiser Aluminum Corp. (NYSE:KLU - news) said on Monday it received final approval from a bankruptcy court for its $300 million debtor-in-possession (DIP) financing, as North America's No. 3 aluminum producer restructures.

``The final approval of the DIP facility continues the momentum in Kaiser's restructuring process,'' said Jack Hockema, Kaiser's president and chief executive officer.

``The addition of a committed credit line availability to our strong invested cash position will provide continued financial flexibility to address the needs of our customers, suppliers and employees as we move forward,'' Hockema added.

As of March 14, 2002, Kaiser had no cash borrowings and about $51 million worth of letters of credit outstanding under the DIP, the company said.

Kaiser shares closed on Tuesday unchanged at 24 cents.