Foothill Ranch-based Kaiser Aluminum Corp. has cleared a big hurdle in its bid to emerge from bankruptcy.
More than 90% of creditors have voted in favor of a reorganization plan for the aluminum manufacturer, the company said Tuesday. The approval is one of the last steps in helping the company emerge from Chapter 11 bankruptcy.
The company expects to have a final hearing on the reorganization plan on Jan. 9 or 10. If the court gives it the go-ahead, Kaiser could emerge from bankruptcy as soon as late January.
“The company is now poised to emerge as a strong and viable leader in the fabricated aluminum products market,” said Chief Executive Jack Hockema.
Kaiser moved its headquarters to Foothill Ranch from Houston in the late spring.
Kaiser is one of the older aluminum companies in the U.S. It had $940 million in sales last year. The company entered Chapter 11 bankruptcy in 2002.
The Foothill Ranch headquarters, which employs about 40 people, handles financial, legal, administrative and some marketing duties for Kaiser.
