Asarco granted court approval of $5.08 million sale of El Paso property

By Caroline Salls

Pittsburgh, Sept. 22 - Asarco LLC obtained court approval of the $5.08 million sale of its El Paso, Texas, property to Megacon, LLC, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

Megacon paid a $67,500 deposit.

According to the order, Hunt Communications Holding, LP was the back-up bidder for the property, with a $5.05 million bid.

As agreed at the auction, Asarco said the backup bid will remain open to the latest of sale closing or 30 days in case the buyer does not perform under the sale agreement.

Asarco, a Tucson, Ariz., mining company, filed for bankruptcy on Aug. 9, 2005. Its Chapter 11 case number is 05-21207.

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