Sterlite Gets OK To Buy Bankrupt Asarco For $1.7B

Law360, New York (April 23, 2009, 12:00 AM EDT) -- A judge has signed off on a deal to allow India-based Sterlite Industries Ltd. to buy bankrupt mining firm Asarco LLC for $1.7 billion, while leaving the door open for Asarco parent Grupo Mexico SAB to file a competing plan.

Judge Richard S. Schmidt of the U.S. Bankruptcy Court for the Southern District of Texas on Wednesday approved the $1.7 billion cash-and-note sale, allowing for a break-up fee and certain reimbursements if the deal fails to be completed.

“Asarco has fully marketed the sale of the...
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