Judge Blesses Asarco's $12M Gerald Metals Deal

Law360, New York (July 30, 2007, 12:00 AM EDT) -- In a boon to Asarco LLC, a bankruptcy judge has given the green light to a $12 million settlement between the bankrupt metals trader and Gerald Metals Inc. that lays to rest a yearlong dispute over several contracts.

U.S. Bankruptcy Judge Richard S. Schmidt on Friday signed off on the proposed settlement, reached earlier in July, saying the deal was in the best interest of the debtors’ estate and creditors, and will assist the company in achieving its goal of reorganization.

Under the terms of the...
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