Friday, August 01, 2008

Asarco files reorg plan

Asarco yesterday filed its reorganization plan with the bankruptcy court in Texas. The provisions have all been previously announced. The company, including Arizona copper mines, would be sold to Sterlite Industries of India, a subsidiary of Vedanta Resources. The El Paso smelter would be put into an environmental trust if not sold, with funds for cleaning it up.

The court will make a final decision on Nov. 17.

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