Asarco's Bid for Veto Power Draws Objections

Law360, New York (September 13, 2007, 12:00 AM EDT) -- A bid from the parent company of bankrupt mining outfit Asarco LLC to limit Asarco's ability to enter into settlement pacts has drawn three recent objections, including one from the U.S. government, all of which argue that Asarco should act in the interest of its estate and creditors, not the interest of its corporate parent.

Asarco LLC's official committee of unsecured creditors and the U.S. Department of Justice both filed objections Wednesday. Also on Wednesday, the official committee of unsecured creditors of Asarco's debtor subsidiaries and...
To view the full article, register now.