Asarco Amends Ch. 11 Plan

Law360, New York (September 15, 2008, 12:00 AM EDT) -- Mining company Asarco LLC filed the first amendment to its Chapter 11 reorganization plan on Friday, establishing a $750 million asbestos trust and enjoining certain asbestos claims.

Administrative claims regarding asbestos debtors are to be paid from the asbestos trust, according to the amended plan filed in the U.S. Bankruptcy Court for the Southern District of Texas.

The company's amended Chapter 11 plan permanently enjoins holders of unsecured personal injury asbestos claims from taking any action against any of the company's protected parties.

“The sole recourse...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.