Noranda Aluminum Holding Corp., a producer of primary aluminum and rolled aluminum coils, filed for chapter 11 protection today and said that it will evaluate its various business operations, Reuters reported. The Franklin, Tenn.-based company said that challenging market conditions for the aluminum industry and recent disruptions in its primary business operations 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 financing.
