Asarco asks for court approval to name Paul Ruh as interim CFO

By Reshmi Basu

New York, Aug. 16 - Asarco LLC asked for court approval to select Paul Ruh as interim chief financial officer of the company, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

Ruh is the senior director of turnaround specialist firm Alvarez & Marsal, LLC. In May 2006, the firm was retained by Asarco as financial and restructuring advisers.

Subject to approval of the court, under the proposed compensation terms, Alvarez & Marsal will bill Asarco a flat fee of $35,000 per month for the interim CFO services. That additional fee will be on top of the $125,000 flat fee payable per month for accounting services.

Ruh will not be considered an employee of Asarco, nor will he be entitled to company benefits.

In addition, the company is seeking the indemnification of Ruh in order to allow him to practice sound business judgment without being concerned about liability for doing his job, the company said in the motion.

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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