Asarco Seeks Approval For $5M Financing Deal

Law360, New York (April 2, 2008, 12:00 AM EDT) -- Bankrupt copper mining company Asarco LLC asked a judge on Thursday to approve a $5 million financing deal with JP Morgan Chase and Co. so that it can continue to run its business as it works toward filing a reorganization plan.

Under the deal, which would take effect on May 15, Chase would extend $5 million in credit to Asarco. Every letter of credit issued to Asarco under the credit facility would have to be secured by cash collateral equal in value to 110% of the...
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