Hearing Set on ASARCO
August 14, 2008
Officials of ASARCO Copper have submitted a final plan for reorganization of the company with the bankruptcy court at Corpus Christi, Texas. A judge has set a hearing on the 72-page proposal on November 17. The plan includes details of the offer by India’s Sterlite Industries to purchase ASARCO’s mining operations for $2.6 billion cash. There are also agreements the company has reached with its principal creditors, unsecured creditors and claimants in various states. The company petitioned for Chapter 11 proceedings on August 9, 2005 in the Texas court.
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