Court Approves Asarco Bidding Procedures

Law360, New York (March 26, 2008, 12:00 AM EDT) -- The bankruptcy court overseeing Asarco LLC’s Chapter 11 case has issued an order approving the bankrupt copper mining company’s procedures for selecting a plan sponsor and exiting bankruptcy.

Tuesday’s order by Judge Richard S. Schmidt of the U.S. Bankruptcy Court for the Southern District of Texas allows Asarco to start to auction off its assets despite objections from its parent company, Grupo Mexico SAB de CV.

“The judge found the procedures to be fair, reasonable and appropriate and designed to maximize the value of Asarco LLC’s...
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