Noranda Aluminum Holding Corp., 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, Tenn.-based company said challenging market conditions for the aluminum industry and recent disruptions in its smelter operations in New Madrid, Mo., 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.
Read more: St. Louis Post-Dispatch