Grupo Mexico's Asarco Plan Gets Thumbs-Up

Law360, New York (September 2, 2009, 11:56 AM EDT) -- A bankruptcy judge has recommended Grupo Mexico's reorganization plan for Asarco LLC over the one advanced by Sterlite Industries, in a move that could bring the bankrupt copper miner one step closer to emerging from Chapter 11.

The recommendation, reached in a report submitted by Judge Richard Schmidt of the U.S. Bankruptcy Court for the Southern District of Texas on Monday, determined that Grupo Mexico's plan was more likely to pay creditors in full than Sterlite Industries Ltd.'s competing plan. Asarco had favored the Sterlite plan....
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