Asarco seeks approval of $33.91 million Selby smelter site environmental response settlement

By Caroline Salls

Pittsburgh, Jan. 17 - Asarco LLC has agreed to grant $33.91 million in general unsecured claims under an environmental response settlement related to the company's Selby, Calif., smelter site, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the State of California Department of Toxic Substances Control will receive a $33.37 million general unsecured claim, the California State Lands Commission will receive a $258,895 general unsecured claim and C.S. Land, Inc. will receive a $285,895 general unsecured claim.

According to the motion, before the settlement, the toxic substances control department wanted to hold Asarco liable for $85 million in future response costs at the Selby site.

However, Asarco claimed that its share of the response costs should have been roughly $17 million.

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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