Sunday, November 15, 2009

Grupo Mexico wins Asarco prize

The U.S. district court in Brownsville Texas on Friday accepted Grupo Mexico's plan to take Tucson-based Asarco out of bankruptcy, after a 5-year long battle. Grupo Mexico had promised to pay creditors in full as part of the Asarco reorganization plan, similar to the pledge in the competing Sterlite Industries proposal. [right, Asarco's Mission Mine, Arizona]

On Thursday, a federal judge ordered Grupo to prepare a new contract to the United Steelworkers union that represents 2,500 Asarco workers.

More coverage at:

Wall St. Journal



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