Asarco ordered to turn over limited bid procedures information to parent

By Caroline Salls

Pittsburgh, March 12 - Asarco LLC has been granted some protection from parent Asarco Inc.'s information requests, but the company and its official committee of unsecured creditors were ordered to hand over some information related to their procedures for selecting a plan of reorganization sponsor, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

The discovery order also covers information requested by Asarco Inc. from the United Steelworkers' union.

In the order, judge Richard S. Schmidt said Asarco, the committee and the union could protect the identity of potential plan sponsors.

In addition, Asarco, the union and the committee are not required to produce any communications with potential plan sponsors related to any acquisition proposals or due diligence conducted by the potential plan sponsors, and they are not required to produce any communications related to Asarco Inc.

The hearing on the company's motion for approval of the plan process has been adjourned to March 18 from March 14.

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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