Kaiser Aluminum Corp., Houston, today announced it filed a motion in U.S. Bankruptcy Court in Wilmington, Del., seeking approval to terminate its seven pension plans for hourly employees. A hearing date on the motion has not been set, but Kaiser hopes to move "expeditiously" with the plan terminations, said Scott Lamb, Kaiser spokesman. Kaiser filed for Chapter 11 bankruptcy protection on Feb. 12, 2002.
Mr. Lamb declined to provide an asset size for the hourly employee plans. Kaiser had $466 million in total U.S. defined benefit plan assets and $913 million in liabilities as of Dec. 31, 2002, according to its most recent annual report. The PBGC in December assumed responsibility for Kaiser's salaried employees' pension plan, which had $71 million in assets and $339 million in liabilities, the PBGC said.