Asarco Could End Bankruptcy in 2009

3 September 2009 (Last Updated September 3rd, 2009 18:30)

US copper miner Asarco may come out of bankruptcy by the end of the year if control is returned to Grupo Mexico, Reuters reports. A US federal judge has recommended that Grupo Mexico should regain control, over a contending bid by Sterlite Industries, as it is likely to pay Asarc

US copper miner Asarco may come out of bankruptcy by the end of the year if control is returned to Grupo Mexico, Reuters reports.

A US federal judge has recommended that Grupo Mexico should regain control, over a contending bid by Sterlite Industries, as it is likely to pay Asarco creditors in full.

Grupo Mexico's general counsel Alberto De La Parra said that they will aid the copper miner in recovering from bankruptcy and help them resume operations.

The verdict of US Bankruptcy Court Judge Richard Schmidt is not binding but is likely to be followed by the judge set to make the final decision.

Grupo Mexico's recent offer for Asarco involved a $2.2bn cash payment to creditors that covers all liabilities as well as a $280m note for asbestos claimants, Reuters reports.