Battle For Asarco Continues With 6th Amended Plan

Law360, New York (July 7, 2009, 12:00 AM EDT) -- The battle for bankrupt copper miner Asarco LLC continued this week, as the debtor urged creditors to approve a newly filed reorganization plan that reflects a revised offer from India-based Sterlite Industries Ltd.

The sixth amended Chapter 11 plan filed Monday includes a deal to sell Asarco's assets to Sterlite, a subsidiary of London-based Vedanta Resources PLC, for $1.1 billion in cash and a $770 million promissory note.

The note portion of the deal has been increased from $600 million, according to a joint disclosure statement...
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