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ASARCO LLC
Court Ordered Mediation May Have Increased Significance for ASARCO's Reorganization Plan
November 1st, 2008
ASARCO LLC attorneys announced at a status conference with the U.S. Bankruptcy Court in Corpus Christi, TX that the Company's plan sponsor, Sterlite (USA), Inc., has stated that it cannot and will not close the sale transaction under the parties' existing purchase and sale agreement without a reduction in the $2.6 billion purchase price that it contracted to pay for ASARCO's operating assets. Sterlite told ASARCO that recent world economic events affecting credit markets have impacted its anticipated financing for operations, capital requirements and acquisitions. Consequently, Sterlite is prioritizing use of its available liquidity for operations and capital rather...
Source: Law & Health Weekly (2008-11-01)
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