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Latest ASARCO LLC Stories

2009-11-16 10:51:00

PITTSBURGH, Nov. 16 /PRNewswire-USNewswire/ -- On Friday, November 13, the United States District Court in Brownsville, Texas issued an order in the ASARCO LLC chapter 11 bankruptcy confirming a plan of reorganization proposed by Asarco, Inc., an entity controlled by Mexico City-based conglomerate Grupo Mexico. (Logo: http://www.newscom.com/cgi-bin/prnh/20080131/DC12982LOGO ) "The USW is certainly disappointed with the District Court's decision. We are reviewing the...

2009-11-09 14:42:00

EL PASO, Texas, Nov. 9 /PRNewswire-USNewswire/ -- Nineteen members of the United Steelworkers (USW) union who were employed at the Asarco smelter in El Paso will receive full pension benefits as a result of an arbitrator's decision issued late last week. (Logo: http://www.newscom.com/cgi-bin/prnh/20080131/DC12982LOGO ) "Each of these former employees worked at the El Paso smelter for over 20 years," said Bob LaVenture, USW District 12 Director. "They should have received these benefits...

2009-06-17 11:57:00

CAMBRIDGE, Mass., June 17 /PRNewswire/ -- Testimony provided by The Brattle Group contributed to the recent approval of ASARCO LLC's motion to settle environmental claims at 53 sites nationwide for $1.1 billion. The settlement was one part of ASARCO LLC's bankruptcy proceeding in the Southern District of Texas/Corpus Christi Division. Previously settled environmental claims had a value of $530 million, bringing the overall environmental settlements to approximately $1.6 billion. Gayle Koch...

2008-10-22 18:00:19

ASARCO LLC announced today that it is terminating its contract with Sterlite (USA), Inc., for the sale of its operating assets. ASARCO also announced that it will draw on the $50 million letter of credit posted by Sterlite when it signed the purchase contract on May 30, 2008. "We are taking this action in light of Sterlite's disclosure to us last week that it 'cannot and will not' close the sale unless ASARCO agrees to a price reduction," stated Joseph F. Lapinsky, President and Chief...

2008-10-15 00:00:13

ASARCO LLC attorneys announced today at a status conference with the U.S. Bankruptcy Court in Corpus Christi, TX that the Company's plan sponsor, Sterlite (USA), Inc., has stated that it cannot and will not close the sale transaction under the parties' existing purchase and sale agreement without a reduction in the $2.6 billion purchase price that it contracted to pay for ASARCO's operating assets. Sterlite told ASARCO that recent world economic events affecting credit markets have...

2008-10-03 09:00:26

By GABRIELA RICO Court asked to award $3.5B cash and return of Peru mines' stock Attorneys for Asarco LLC have asked a federal judge to award the Tucson-based copper producer the equivalent of $10.2 billion in money and stock from its former parent company. Asarco asked for $3.5 billion in monetary damages and the return of its shares in lucrative Peruvian copper mines - currently valued at $6.7 billion. Last month, U.S. District Judge Andrew S. Hanen ruled that Asarco's former parent...

2008-10-02 18:00:22

This week creditors of ASARCO LLC are receiving their ballots to vote on the Company's reorganization plan. Last Monday, September 29, Alix Partners, LLP, the Company's balloting agent, mailed a solicitation package to all creditors of record as of September 23, 2008. This was done in compliance with a bankruptcy court order issued September 25. "Mailing out the solicitation packages represents a key milestone in our quest to emerge from chapter 11," said Joseph F. Lapinsky, President and...

2008-09-23 18:00:29

The U.S. Bankruptcy Court in Corpus Christi, TX today tentatively approved ASARCO LLC's disclosure statement, subject to final approval of the form of an order, finding that it contains adequate information and can be used to explain and solicit creditor votes for its chapter 11 reorganization plan. Plan confirmation is expected to occur at the conclusion of hearings that will begin the week of November 17, 2008. The court also tentatively approved, subject to final approval of the form...

2008-07-31 18:00:38

Tucson based ASARCO LLC (ASARCO) announced that it is filing today a Plan of Reorganization with the U.S. Bankruptcy Court in Corpus Christi, Texas. The plan implements the previously-announced sale of ASARCO's operating assets to Sterlite (USA), Inc., a subsidiary of Sterlite Industries (India) Ltd. and Vendanta Resources plc. It also contains the framework of agreements that ASARCO is formulating with its principal creditors - the United States government various states, its unsecured...

2008-07-27 09:00:29

By GABRIELA RICO ASARCO MINERS PROTEST Workers don't want Grupo Mexico back at helm of copper business KEARNY - For more than three decades he has worked as a mechanic at the Ray copper mine. But if the mine's current owner, Tucson-based Asarco LLC, is handed back to a Mexico City conglomerate, Charlie Estrada would walk away from the job he's held since he was 18 years old. "I just can't see myself here," Estrada, 52, said Tuesday during a demonstration at the mine, about 70 miles...


Word of the Day
penuche
  • A fudgelike confection of brown sugar, cream or milk, and chopped nuts.
'Penuche' is a variant of 'panocha,' a coarse grade of sugar made in Mexico. 'Panocha' probably comes from the Spanish 'panoja, panocha,' ear of grain.
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