Asarco Seeks Court OK Of $27.9M Settlement

Law360, New York (January 24, 2008, 12:00 AM EST) -- Asarco LLC has asked the court overseeing its Chapter 11 proceedings to approve its plan to settle about 544 personal injury and property damage claims in exchange for allowing almost $28 million in general unsecured claims.

The mining, smelting and refining company filed a motion asking U.S. Bankruptcy Judge Richard S. Schmidt to sign off on the settlement agreements, which arose from a mediation session in Houston in October 2007.

Asarco argued that the deals were fair, that settling the claims would save the debtors –...
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