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IN THE NEWS 2002
(Most recent at the top)
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December 2
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 US aluminum firms owe BPA $30
million on power deals
In a separate matter, BPA is
pursuing in bankruptcy court recovery of the liquidated value of Kaiser
Aluminum Corp.'s power contract worth $70-$80 million, Mosey said.
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November 25
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Kaiser says to sell office complex for $65
Million
Bankrupt aluminum producer Kaiser Aluminum Corp. on Friday said it plans to sell its stake in an Oakland, California, office complex to Summit Commercial Properties Inc. for $65.6 million.
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October 25
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Retired Kaiser employees worry pensions will shift
Spokesman Review
"We know that Kaiser just can't go to the (Pension Benefit Guaranty Corp.) and say `Hey, we want to terminate our plan,"' Russell said. "It's not that easy and the fact is that the PBGC doesn't want to take the plan over unless it has to."
Avista, Kaiser to split cost of PCB study
Spokesman Review
Kaiser owns and operates the Kaiser Trentwood rolling mill six miles above the dam. The facility has a permit to discharge industrial waste water to the river, and has been working to reduce PCB levels in the wastewater.
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October 24
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Kaiser considers voiding pension plans
Spokesman Review
On Wednesday, Kaiser CEO Jack Hockema
said he intends to meet with the Pension Benefit Guaranty Corp. about the
company's weighty pension liabilities. Should the federal pension agency
take over Kaiser's plan, it may pay less than Kaiser's current obligation.
Kaiser Aluminum to Seek Discussions With Pension Benefit Guaranty Corporation
Kaiser Aluminum
said today that it intends to request a meeting with the Pension Benefit
Guaranty Corporation (PBGC) to discuss alternative solutions to pension plan
funding issues that would help facilitate Kaiser's emergence from
bankruptcy. Additionally, Kaiser intends to meet with appropriate union
representatives.
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October 17
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Kaiser workers expect complication on benefit
Spokane Journal of Business
Kaiser Aluminum Corp. faces a Feb. 1 deadline to begin paying early-retirement benefits to up to 300 members of the United Steelworks union here, but a union official says he’s not holding his breath that’ll happen.
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September 26
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Kaiser
free to terminate BPA contract
Spokesman Review
Kaiser Aluminum Mead once employed more than 1,000
workers. Without cheap power, there is little hope they will return to work,
employees fear.
Kaiser Aluminum gets court OK to reject BPA power
Kaiser Aluminum Corp. said Monday
that U.S. bankruptcy court approved its petition to reject a five-year fixed
power contract with the Bonneville Power Administration (BPA) in Portland,
Oregon.
BPA to seek damages on Kaiser contract rejection
The Bonneville Power
Administration (BPA) plans to seek damages from Kaiser Aluminum Corp. for
breach of contract since the bankruptcy court approved the aluminum
producer's petition to reject its a five-year power deal, a BPA spokesman
said on Tuesday.
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September 12
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Creditors trying to work out Kaiser-BPA deal
Spokesman Review
Banks, businesses and labor unions owed hundreds of millions of dollars by
Kaiser Aluminum Corp. want the troubled company to remain a customer of the
Bonneville Power Administration.
USWA
may appeal Kaiser's court-approved bonus plan
The United Steelworkers of America said it may
appeal the recent U.S. bankruptcy court approval of a near $57 million bonus
package for Kaiser Aluminum Corp.'s management, intended to retain key
employees while the company reorganizes.
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August 23
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Kaiser seeks release from BPA pact
Spokesman Review
"We're sitting here dead in the water, not knowing what our future is," said Dan Russell, president of Steelworkers Local 329. "If their motivation was to be able to go out and on the open market buy some power and operate, this would be a good thing.
"But the Kaiser we have today, who knows? We don't know what their motives are."
Kaiser Aluminum Seeks To Reject BPA Power Pact
Kaiser said the rejection of the
BPA contract could take effect as early as Oct. 1, depending on court
approval of the motion and on the timing of Kaiser's execution of new power
contracts with other providers for the ongoing normal operation of the
Trentwood, Wash., rolling mill.
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August 13
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Kaiser
Aluminum Reports Results for Second Quarter of 2002
Jack A. Hockema said, "The company
continued to experience very challenging business conditions characterized
by substantially lower realized prices and lackluster demand in many market
segments, especially aerospace.
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July 10
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Kaiser Aluminum Seeks Court Approval For Retention Plan
The aluminum maker's program would provide bonuses to the participants for remaining with the company or for reducing costs, or both, and provide them with benefits if they were to lose their jobs, according to court papers obtained Tuesday by Dow Jones Newswires.
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June 26
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Kaiser's Tacoma sales worry Steelworkers
Spokesman Review
Kaiser Aluminum Corp. continues to
sell equipment and raw materials out of its Tacoma factory, an ominous sign
that the company has abandoned any plans of restarting aluminum production,
say Steelworkers.
Kaiser Aluminum Wins Court OK Of
Preliminary Class-Action Settlement
Kaiser Aluminum Corp. (KLUCQ)
Thursday won bankruptcy court approval of a preliminary class-action
settlement agreement that resolves more than 24,000 claims at no cost to the
estate.
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June 14
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Report says Kaiser may sell smelter
Spokesman Review
Kaiser has listed liabilities of about
$3.1 billion. That was before an administrative law judge of the National
Labor Relations Board ruled that Kaiser owed members of the United
Steelworkers of America some $180 million.
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June 13
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Utility demands refund from Kaiser
Spokesman Review
Clark Public Utilities claims it was
overcharged for electricity during last year's energy crisis and wants a $60
million refund from Kaiser Aluminum Corp.
One dead, two hurt in aluminum accident
Spokesman Review
A supervisor at Goldendale Aluminum
Co. was killed and two workers were injured last week when molten aluminum
splashed out of a containment pot, the Oregonian newspaper reported.
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May 20
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Kaiser Aluminum Reports Results for First Quarter of 2002
Kaiser Aluminum Corporation today
reported a net loss of $64.1 million, or $.79 per share, for the first
quarter of 2002, compared to net income of $119.6 million, or $1.50 per
share, for the first quarter of 2001.
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May 17
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Federal Judge Finds Kaiser Aluminum Guilty; Labor Board Says Liability for Illegal Lockout Could Exceed $100 Million
SOURCE: United Steelworkers of America
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May 15
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Kaiser lockout ruled illegal
- NLRB judge sides with workers, but back pay won't come soon
Spokesman Review
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May 14
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NLRB
Judge Rules Kaiser Lockout Unlawful; Orders Twenty Months of Back Pay for
3000 Steelworkers in Largest Award in History
As a result, the Judge has ordered Kaiser Aluminum
to pay full back wages and benefits to the Kaiser employees who endured
enormous hardships during the labor dispute.
Kaiser Aluminum to Appeal Ruling by NLRB Administrative Law Judge
The ruling is not self-enforcing and, because it is
subject to appeal, does not require that the company take steps to pay back
wages to affected employees.
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May 01
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Phoenix Rises from the Ashes in Pacific Northwest
The Wall Street Journal
When the Northwest's 10 aluminum smelters shut down
a little more than a year ago because scarce Western energy supplies sent
prices soaring, many here believed they would never reopen. But wholesale
electricity prices have plunged, so an industry that was counted out locally
may be up on its feet again.
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April 26
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Kaiser can't pay its taxes
Spokesman Review
Kaiser Aluminum has told Spokane
County it can't pay nearly $2.2 million in property taxes for 2002, and
doesn't know when it will.
Kaiser eliminates VP, other posts
Spokesman Review
Kaiser Aluminum Corp. eliminated the
jobs of vice president Pete Forsyth and several other staffers this week.
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April 10
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Kaiser gets out of lids and tabs
Spokesman Review
Kaiser Aluminum Corp. will lay off up
to 150 employees in June at its Trentwood rolling mill -- including hourly
and salaried staff.
Kaiser Aluminum trading suspended
Kaiser shares failed to meet the
requirement of trading at more than $1 for 30 consecutive trading days, the
exchange said. The company also is below NYSE's standard of a market
capitalization of at least $50 million and stockholder equity of at least
$50 million over a 30-day period.
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April 3
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All or nothing: Goldendale Aluminum says changing market means both plants must run at full capacity
Goldendale Sentinel
Despite an uncertain future, Golden
Northwest Aluminum has taken tentative steps toward re-opening the
Goldendale Aluminum Company and Northwest Aluminum at full capacity by
hiring back nearly a dozen workers.
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March 26
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Some Retirees Request Panel In Kaiser Aluminum Ch 11 Case
In a recent filing with the U.S.
Bankruptcy Court in Wilmington, Del., a group of five retirees said that
Kaiser operating unit Kaiser Aluminum & Chemical Corp. intends to shift
an additional $10 million in annual medical-benefit costs to more than 4,500
retirees without any cost-sharing by active employees or hourly retirees
represented by unions.
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March 24
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Aluminum company to restart line
Spokesman Review
Columbia Falls Aluminum Co. says it
plans to restart a second production line this spring.
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March 21
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Ex-Kaiser workers can get special aid
Spokesman Review
Some 1,900 workers laid off from Kaiser Aluminum plants in Washington state are eligible for special aid from the U.S. Department of Labor, Sen. Maria Cantwell said Wednesday.
The workers are eligible for Trade Adjustment Assistance benefits because they lost jobs due to increased aluminum imports.
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March 19
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Kaiser
Aluminum says financing approved by court
``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.
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March 18
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Kaiser
Aluminum $300 Million DIP Loan Under Fire From Creditors
Kaiser Aluminum Corp.'s (KLU) $300 million
debtor-in- possession loan has come under fire by the company's unsecured
creditors' committee and a trustee for $397 million in senior notes.
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March 5
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Ghana gives Valco extra time to close pot lines
The company had contested a
government order in mid-February to close the pot lines within 48 hours to
avert a power crisis, saying a rushed shutdown would damage the pot lines
and cause many of its 1,400 employees to be laid off.
Valco says closes potline after government cuts power
Volta Aluminium Company Limited (Valco), which is majority owned by Kaiser Aluminum Corp. said on Tuesday it
closed down one of its four operating pot lines at its capacity smelter in
Ghana.
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February 26
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Kaiser woes may affect EV district funds
Spokesman Review
The company is the school district's
largest taxpayer, comprising about 6.4 percent of its tax base. Kaiser will
owe about $517,250 in local school taxes in 2002. Fifty-five percent of that
amount is due April 30, with the balance due Oct. 31.
Retirees fighting back over Kaiser plans
Spokesman Review
Stung by a company plan to hike
medical insurance premiums, retired managers and salary employees of Kaiser
Aluminum Corp. plan to hire a law firm and intervene in the company's
unfolding bankruptcy case.
Ghana tells Valco to suspend 2
aluminum pot lines
Ghana has ordered the Volta
Aluminium Company (Valco) to temporarily close two of the five pot lines
serving its smelter because of a fault at the Akosombo hydroelectric plant.
Valco seeks to overturn Ghana pot line closure
Valco's director told Reuters the
company had not shut any pot lines yet and had applied for a court order to
restrain the Volta River Authority, the state-run power generator, from
cutting electricity supply to Valco.
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February 23
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Kaiser gets extension
Spokesman Review
Those plants and mines -- in
Australia, Wales and Ghana in addition to Jamaica -- produce most of
Kaiser's gross profits, making them an attractive target for creditors
seeking satisfaction of an estimated $3.1 billion in claims.
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February 20
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Senators renew call for Kaiser audit
Spokesman Review
"What we are asking for is a full
accounting of whether Kaiser delivered on their obligations," Cantwell
said Tuesday.
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February 16
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Next
chapter
Spokesman Review
Kaiser Aluminum Corp.'s bankruptcy filing
last week sent a shudder through Spokane.
Analysts say the same scenario is preying on
other aluminum towns in the Pacific Northwest, the next victims in the
steady exodus of American industrial might overseas.
Sunset
for Kaiser
Spokesman Review
Ownership battles ensued. In 1988, Kaiser landed in
the hands of Charles Hurwitz, a Texas millionaire with a reputation for
buying companies at bargain prices and emphasizing short-term profits.
Many plot twists ahead in murky Chapter 11 process
Spokesman Review
The Chapter 11 filing keeps creditors at bay while officers reorganize the company. Kaiser has $3.3 billion in assets, $3.1 billion in liabilities.
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February 15
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Kaiser Aluminum's Hockema on Bankruptcy Filing (Transcript)
Bloomberg
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February 12
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Kaiser Aluminum Sues
Noteholders To Guard Jamaican Units
Kaiser Aluminum Corp. (KLU), which filed for Chapter 11 earlier Tuesday, has asked a bankruptcy court to prohibit certain noteholders from enforcing guarantees against two of the company's Jamaican subsidiaries that aren't bankrupt.
Kaiser Aluminum Files Voluntary Petition Under Chapter 11 of United States Bankruptcy Code
The company has become
increasingly burdened by asbestos litigation and growing legacy obligations
for retiree medical and pension costs.
Kaiser Aluminum Executes Definitive Loan Agreement for $300 Million Debtor in Possession Financing From Bank of America
Company Expects DIP Line and
Existing Liquidity to Provide Ample Liquidity to Meet Operating Needs During
Restructuring
Kaiser Aluminum Files for Bankruptcy
Kaiser Aluminum Corp. filed for
protection from its creditors under Chapter 11 of the federal bankruptcy
laws Tuesday, blaming a weakened economy, depressed prices and asbestos
litigation.
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February 1
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Analyst sees U.S. Northwest aluminum plant restarts
"We believe restarts of aluminum capacity in the Pacific Northwest will occur this year and will dampen aluminum prices, producers' earnings and share prices," the analyst said.
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January 31
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Kaiser says it will miss interest payment on debt
Spokesman Review
Kaiser Aluminum
Corp. will skip a $25.5 million interest payment this week in a move that
puts the struggling firm in financial jeopardy.
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January 30
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Kaiser to miss debt payment, delays earnings
``While we have not yet reached a definitive solution for our debt maturities, we have determined that it is in the company's best interest not to make this interest payment and to focus our financial resources on our operational priorities,'
Kaiser Aluminum Says It Does Not Intend to Make Scheduled Interest Payment
Kaiser Aluminum & Chemical Corporation, the operating subsidiary of Kaiser Aluminum Corporation
(NYSE:KLU - news), today said it does not intend to make the $25.5 million interest payment on its 12-3/4% Senior Subordinated Notes due 2003 ($400 million outstanding) scheduled for Feb. 1, 2002, in light of current and anticipated business and capital market conditions
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January 15
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Kaiser stock price hits all-time low
Spokesman Review
The news dropped Kaiser's stock price to $1.05 a
share, down 56 cents in an especially tough business climate for the company
with smelters in Mead and Tacoma, and the Trentwood rolling mill in the
Spokane Valley.
Boeing rally is Wednesday
Spokesman Review
Beginning at 11 a.m., hundreds of employees, union
officials, local politicians including Mayor John Powers, and U.S. Rep.
George Nethercutt will speak at the rally outside the main gate.
Kaiser Aluminum aims to restructure senior notes
Kaiser Aluminum Corp. on Tuesday said it would soon
begin discussions about restructuring its senior notes, with its cash flow
and earnings suffering at the hands of low aluminum prices.
Kaiser Aluminum to Begin Discussions With Note Holders
Kaiser Aluminum, as previously
announced, is working with its financial advisors to review its options for
addressing its near-term debt maturities and overall capital structure.
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January 12
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Aluminum firm is hit with suit
Spokesman Review
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January 5
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North American aluminum makers see dismal earnings
"Things are actually softer than
we had predicted,'' said Victor Lazarovici, an analyst with BMO Nesbitt
Burns. ``The industry trend is hitting everybody.''
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January 2
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Extensions available soon for unemployed
The Tacoma Tribune
Dot-com layoffs delivered another
major blow to Washington's employment base, costing some 15,000 workers
their jobs. And in Eastern Washington, the shutdown of Kaiser Aluminum's two
Spokane plants for much of the year idled about 2,000 workers.
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