Sterlite Must Pay Asarco $83M For Breach Of Asset Deal

Law360, New York (February 14, 2012, 4:01 PM EST) -- Sterlite (USA) Inc.'s breach of a deal to buy bankrupt mining giant Asarco's assets delayed the confirmation of Asarco's plan of reorganization, a Texas bankruptcy judge ruled Monday, awarding $83 million to Asarco in its breach of contract proceeding against Sterlite.

Judge Richard S. Schmidt's finding was for far less than the $533 million in damages that Asarco, which is now owned by Grupo Mexico SAB, had sought.

For its part, metals and mining company Sterlite had asked that Asarco take nothing, and sought legal fees...
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