Consolidated Aluminum Corp. has filed for Chapter 11 bankruptcy
protection as it grapples with a raft of personal-injury and
N.J.-based company, which formerly did business under the names
Conalco Inc. and Aluminum Foils Inc., said it ceased operations
in 1994 and in recent years has focused on managing litigation
against it, according to documents filed in U.S. Bankruptcy
Court in New Jersey.
Conalco was a major
manufacturer and supplier of aluminum and aluminum products in
the United States and abroad from 1948 to 1994, the company
Consolidated Aluminum have been filed in jurisdictions as
diverse as Louisiana, Illinois and West Virginia, the company
said. Some relate to cleanup issues and others to allegations
that the company is to blame for hearing loss, asbestos
exposure and exposure to coal tar pitch volatiles.
should allow Consolidated Aluminum to "quickly and efficiently
deal with" claims against the company instead of "litigating
these matters in various courts across the country," company
president, chief financial officer and treasurer Alexander Hoy
said in a first-day motion dated Dec. 15.
estimated its current assets at between $500,000 and $1 million
and its liabilities at between $50 million and $100 million,
according to court documents signed by Hoy.
The top three
unsecured creditors are Pittsburgh-based aluminum producer
Alcoa Inc., owed nearly $2.1 million under the terms of a
settlement agreement; Consolidated Aluminums pension
plan, owed $4.2 million; and parent company Lonza America Inc.,
Allendale, N.J., owed more than $72.7 million.
Lonza America owns all
the common stock of Consolidated Aluminum, according to court
documents. The amount owed to Lonza is related to an
intercompany loan used in part to pay for retiree pension and
medical benefits, the company said.
said it has no secured or trade debt.