Asarco sets bid procedures for $2.2 million Salt Lake City property sale

By Caroline Salls

Pittsburgh, May 18 - Asarco LLC requested court approval of the bid procedures for the proposed $2.2 million sale of its Salt Lake City, Utah, property, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

Western States Lodging, LLC is the stalking horse bidder, and it has paid a $25,000 deposit toward the purchase price.

If Western States is not the high bidder, Asarco will pay it a $66,000 break-up fee.

Other bidders must pay a $76,000 deposit.

Initial overbids must be for at least $76,000 more than Western States' bid. Subsequent bids must be made in increments of $10,000.

The auction will be held June 20, and the company has requested the sale hearing be scheduled for June 29.

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

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