Asarco asks for court permission to sell stock holdings to maximize estate value

By Jennifer Lanning Drey

Portland, Ore., April 4 - Asarco LLC requested court approval to sell the stock it holds in four public companies and various agricultural cooperatives in an effort to liquidate assets that are not necessary to its reorganization, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

Based on the stock values at March 31, Asarco is looking to sell shares it holds in Metlife Co., Nymex Holdings Inc., Freeport-McMoRan Copper & Gold Inc., and the agricultural cooperative shares.

Asarco said it would sell the stock in the open market, private sales or any other manner that would maximize its value to the estate. In the case of the agricultural cooperatives, Asarco said it may sell the stock through available share-repurchase programs.

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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