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With $1.7B Bid In Hand, Asarco Files 4th Plan

Law360 (April 28, 2009, 12:00 AM EDT) -- Bankrupt mining firm Asarco LLC has filed the disclosure statement for its fourth amended plan of reorganization, which incorporates a judge's approval of a $1.7 billion sale of its operating assets to India-based copper producer Sterlite Industries Ltd.

In the disclosure statement accompanying the amended plan filed Monday in the U.S. Bankruptcy Court for the Southern District of Texas, Asarco said confirmation of the plan would allow the debtors to restructure and use the proceeds from the sale to pay off claims, including all unsecured asbestos-related...
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