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operations to include the manufacture of finished and
semifinished aluminum products by amalgamating with other
Canadian affiliates of Metals. In 1987, CRM produced 304,955
tons of primary aluminum. In 1987, CRM's gross sales to
unaffiliated customers totaled about $110 million, and CRM's
gross sales to affiliates totaled about $400 million.
In February 1987, RMECC issued additional stock for $31
million to Reynolds Energy Resources Corporation (RERC) in
contemplation of the redemption of the debentures. At that time,
RERC was 100-percent owned by RMC Holdings, Inc., which was 100-
percent owned by Metals.
From their issuance through February 24, 1987, the aggregate
principal amount of outstanding debentures was reduced to
$29,773,000.
On February 24, 1987, RMECC called the debentures for
redemption (the call), effective at the close of business
March 26, 1987 (the redemption date). On February 23, 1987,
Metals filed with the Securities and Exchange Commission a
registration statement registering 681,503 shares, the maximum
number of shares required if all of the debentures that were
outstanding on February 24, 1987, had been exchanged for shares
pursuant to the indenture.
2(...continued)
115,000 tons per year. There is nothing in the record explaining
the capacity increases, although Metals infers that it is
responsible in some manner.
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