Asarco Agrees To $1.1B Enviro Settlement

Law360, New York (March 13, 2009, 12:00 AM EDT) -- Asarco LLC, which on March 9 reached a deal to sell the bulk of its assets to Sterlite Inc., on Thursday took another big step toward leaving Chapter 11 by settling a slew of environmental claims against it in what the company called the biggest such settlement ever.

The settlements, which still must be approved by a judge in the U.S. Bankruptcy Court for the Southern District of Texas, involve more than $1.1 billion in payments and claims.

The company said it will allow general unsecured...
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