(Pittsburgh) – The USW released the following statement in response to Sherwin Alumina’s decision to file petitions under Chapter 11 of the United States Bankruptcy Code to pursue a reorganization under which Corpus Christi Alumina would acquire Sherwin's assets subject to a bankruptcy auction:
The USW is in the process of reviewing the company’s filings and expects to be an active participant in all aspects of the Sherwin Alumina bankruptcy case.
We are well aware that the current crisis in the commodities industry has made this a difficult time for the aluminum industry. Still, we are disappointed that Sherwin has taken this course of action, given that the USW has been trying for more than a year to take a cooperative approach in working through these issues with the company.
We are particularly concerned that the sale of Sherwin Alumina to Corpus Christi Alumina, LLC, an affiliate of Glencore subsidiary Commodity Funding, LLC, could be used as a means to sidestep its employee, retiree and pension obligations. If this is Glencore’s intention, this would be a gross misuse of the bankruptcy process.
The USW remains committed to ensuring fair treatment for all of our members and retirees at Sherwin as this process moves forward and remains willing to bargain a fair agreement with any party that bids on these assets.
The USW represents 850,000 workers in North America employed in many industries that include metals, rubber, chemicals, paper, oil refining and the service and public sectors. For more information: http://www.usw.org/.
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