Law360 (May 15, 2006, 12:00 AM EDT) -- A district court has cleared the way for bankrupt Kaiser Aluminum Corp. to emerge from Chapter 11 protection by the third quarter of 2006, more than four years after difficult industry conditions and asbestos liabilities drove the company into insolvency.
The U.S. Bankruptcy Court for the District of Delaware had already approved the second amended reorganization plan filed by the metal company, but additional approval was required by the state's district court.
Affirmation of the bankruptcy court's decision was required because insurers appealed the company's asbestos claims in the district court.
"We are now approaching the finish line of a long...
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