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Tuesday, June 2, 2009
"Americas Mining Company, a Grupo Mexico Affiliate, Amends Reorganization Plan to Retain Equity Interest in ASARCO LLC"
"[June 2, 2009 Business Wire]....the competing plan under consideration by the Court, offered by India-based Vedanta, offers only $1.1 billion in cash and a non-interest bearing so-called “copper note,” which Vedanta values at $200 million, backstopped only by a $100 million letter of credit. As previously announced, AMC has funded an escrow with $1.3 billion to backstop its plan. A third plan, offered by Harbinger Capital Partners, amounts to $500 million in cash with interests in litigation against Vedanta and AMC that may never be realized...."
Posted by Elpaso at Tuesday, June 02, 2009