Asarco, Encycle Settlement Gets Court Approval

Law360, New York (May 8, 2008, 12:00 AM EDT) -- The judge overseeing mining company Asarco LLC's Chapter 11 reorganization has approved two deals under which Asarco and one of its subsidiaries will allow tens of millions of dollars in unsecured claims to resolve disputes with the U.S. Environmental Protection Agency and the state of Texas.

On Wednesday, U.S. Bankruptcy Judge Richard S. Schmidt signed an order granting Asarco's motion for authorization to implement settlements covering Asarco's Encycle site and the nearby Nueces Bay site in Texas.

The first agreement is between Asarco, the U.S., Texas,...
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