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Article: Bankruptcy Court Judge Recommends Confirmation of Grupo Mexico Reorganization Plan for ASARCO.
- Article from:
- Biotech Week
- Article date:
- September 16, 2009
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Grupo Mexico, S.A.B. DE C.V. (GMEXICO) said that U.S. Bankruptcy Court Judge Richard Schmidt has recommended confirmation of its full payment reorganization plan for ASARCO LLC. By this ruling, control of ASARCO will be returned to GMEXICO's subsidiary Americas Mining Corp. (AMC). In reaching his decision Monday evening, Judge Schmidt determined that GMEXICO's plan, valued at $3.6 billion, was superior to a competing plan submitted by Sterlite Industries, a subsidiary of Vedanta Resources. The matter is now referred to U.S. District Court Judge Andrew S. Hanen, sitting in Brownsville, Texas, for a final decision (see also Grupo Mexico).
"We are extremely pleased ...