"THE ONLY THING NECESSARY FOR THE TRIUMPH OF EVIL IS FOR GOOD MEN TO DO NOTHING"
--Burke

Monday, May 25, 2009

May 26'th hearing ASARCO bankruptcy court


Grupo Mexico: proposed Asarco reorganization debt load concerns S&P
"Mineweb - London,England,UK
S&P is afraid the $1.3 billion-plus offer of Grupo Mexico and Americas Mining Corp. to reorganize Asarco could have a significant near-term effect on the ..."
Google News Alert for: asarco

"...On May 15th, AMC proposed to contribute $1.3 billion to fund the Asarco asbestos trust to be established under the proposed reorganization plan. The company also committed to an additional $250 million contribution in a year in return for new equity interests to be issued for the reorganized Asarco. ....
A hearing is scheduled before a Texas federal bankruptcy court on May 26th to consider both AMC's offer and  the Sterlite Industries offer to fund Asarco's reorganization by buying Asarco's assets for $1.1 billion in cash and a $600 million nine-year noninterest-bearing promissory note...."

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