Kaiser Steel Corp. Seeks Chapter 11 Bankruptcy Shield
DENVER — Kaiser Steel Corp., a privately held steel and coal concern in the middle of a bitter boardroom dispute, filed today for Chapter 11 bankruptcy protection from its creditors.
At odds have been the company’s chairman, Bruce Hendry, and board member Monty H. Rial, ousted by Hendry as chairman when the company missed dividend payments.
More recently, the Colorado Springs-based company canceled medical benefits for 5,000 workers and retirees after it could not meet the weekly payments.
In 1985, the company lost $17 million on sales of $220 million. It has been steadily shrinking since 1981 when its annual earnings were more than $1 billion.
The company, once part of Kaiser Industries, recently said it would sell its coal operations and the remaining steel operations. Much of its steelmaking capacity was eliminated when it sold off its Fontana steel plant in 1984 for $110 million.
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