Kaiser Aluminum Corp. Files Chapter 11 Petition

WILMINGTON, Del. - Kaiser Aluminum Corp. has become the latest asbestos defendant to file for reorganization under Chapter 11 of the U.S. Bankruptcy Code. In Re: Kaiser Aluminum Corp., No. 02-10429 (D. Del. Bankr.).

The Houston-based aluminum products supplier filed its Chapter 11 petition Feb. 12 in the U.S. Bankruptcy Court for the District of Delaware, reporting $3.3 billion in assets and $3.1 billion in total debts.

In addition to filing its own petition for reorganization, Kaiser also said nearly a dozen of the company's subsidiaries, including operating subsidiary Kaiser Aluminum and Chemical Corp., have sought protection under Chapter 11. …