Asarco granted approval of $2.276 million Salt Lake City property sale

By Reshmi Basu

New York, July 2 - Asarco LLC obtained court approval for the $2.276 million sale of its Salt Lake City property, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

Olene S. Walker Housing Loan Fund beat out stalking horse bidder Western States Lodging, LLC's initial bid of $2.2 million.

The Olene S. Walker fund is comprised of state and federal funds administered by the Utah division of housing and community development.

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

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

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