Asarco seeks approval of $10 million intercompany loan to Asarco Master

By Reshmi Basu

New York, July 9 - Asarco LLC requested court approval to loan up to $10 million to its subsidiary, Asarco Master, Inc., according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

Proceeds from the second-priority intercompany loan would be used to conduct further investigations into allegations that there are hazardous substances at one of its sites just outside of Houston, according to the motion.

The site was owned by now-defunct Federated Metals Corp., which merged with 15 other corporations to create Asarco Master.

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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