Commonwealth sells conduit unit -
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Published on: 6/8/2004
Last Visited: 6/9/2004
The deal, expected to close by the end of July, "gives us the chance to focus on our core recycling and aluminum business," company spokeswoman Kim Knotts said.
While the company has not said what it will do with the bulk of the cash from the Alflex sale, Knotts said it could put the company in a better position to renegotiate its $125 million in long-term debt.
That debt is due in 2006, but the company has said it may renegotiate the terms of its bonds instead of retiring them.
"We've been evaluating when is the right time to renegotiate that $125 million.Obviously, having more cash in the bank will help those negotiations," Knotts said.