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Noranda Aluminum files for bankruptcy

Published 2016-02-08, 03:49 a/m
© Reuters. Noranda Aluminum files for bankruptcy
NORNQ
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Feb 8 (Reuters) - Noranda Aluminum Holding Corp NORN.PK , a
producer of primary aluminum and rolled aluminum coils, filed
for Chapter 11 bankruptcy protection on Monday and said it will
evaluate its various business operations.
The Franklin, Tennessee-based company said challenging
market conditions for the aluminum industry and recent
disruptions in its primary business operations led to the
decision.
Noranda listed both assets and liabilities in the range of
$1 billion to $10 billion.
The company and its subsidiaries also entered into an
agreement in principle with its existing asset-based loan
lenders for up to $130 million in debtor-in-possession
(DIP)financing, wherein the company will remain in possession of
property upon which creditors have an interest.
Noranda said it has already received a commitment for up to
$35 million in DIP financing.
The company said it will use its cash from operations and
the new financing to support business during the
court-supervised process, if the plans are approved.
Noranda will curtail production at its 253,000
tonne-per-year New Madrid, Missouri smelter if it cannot secure
a more favorable price for electrical power, the company said
last month.
The case is in U.S. Bankruptcy Court, for the Eastern
District of Missouri, Case No 16-10083.

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