Judge Blesses Asarco Agreement With Workers

Law360, New York (March 16, 2007, 12:00 AM EDT) -- A bankruptcy judge has given the green light to an agreement between bankrupt mining company Asarco LLP and the United Steelworkers and other unions.

The deal gives the company’s hourly workers a $3-an-hour wage increase over the term of the contract, which is retroactive to the beginning of the year and expires in 2010. They also receive signing bonuses.

The order, issued Thursday in the U.S. Bankruptcy Court for the Southern District of Texas, says the debtors’ negotiating position was complicated by a history of acrimonious...
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