|
| Grupo Mexico wins fight to regain control of Asarco |
| Bloomberg / Delaware Nov 16, 2009, 01:07 IST |
|
US judge says Grupo proposal ‘is both feasible and confirmable’.
Grupo Mexico SAB can regain control of its bankrupt US copper miner, a judge in Texas ruled, rejecting a competing offer from Sterlite Industries (India) Ltd.
US District Judge Andrew Hanen in Brownsville, Texas, ruled that Grupo Mexico’s proposal to pay about $2.5 billion to Asarco LLC's creditors “is both feasible and confirmable”.
The decision means that, barring a successful appeal by Sterlite, Grupo Mexico should be able to take back control of the Tucson, Arizona-based copper miner.
Grupo Mexico and Sterlite each promised to spend more than $2.5 billion to guarantee that Asarco’s creditors are repaid in full. In ruling in favour of Grupo Mexico, Hanen agreed with a lower-court opinion from the bankruptcy judge that oversaw Asarco’s case for five years.
“In many ways, the course of this bankruptcy has been a contentious and hard-fought piece of litigation,” Hanen wrote in his decision, which came late Friday evening.
The case is In re Asarco LLC, 05-21207, US Bankruptcy Court, Southern District of Texas (Corpus Christi).
|
|
|
|
|
|
|
|
|
|
 Read Business news in |  |
|
|
|
|
|
|
Advertisements |
|
|
|
|
|
|
|
|
|
|
Content Guide
