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Asarco asks for court approval of $80 million settlement related to natural resource damage in Missouri
By Jennifer Lanning Drey
Portland, Ore., March 3 - Asarco, LLC has agreed to allow the Environmental Protection Agency, the state of Missouri and Doe Run Resources Corp. more than $80 million in claims to resolve a dispute over natural resource damage at the company's sites in southeastern Missouri, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Texas.
According to the filing, the government has estimated the natural resource damage at almost $400 million. Asarco contends there is insufficient evidence to prove that natural resource damage has occurred at several of the sites.
Under the agreement:
• The EPA will have a general unsecured claim for $37.5 million for costs related to three of the six Missouri sites.
• The Department of the Interior and the Missouri Department of Natural Resources will be granted a joint general unsecured claim for $34.77 million for natural resource damage at five of the sites.
• The Department of the Interior will be allowed a $233,000 general unsecured claim for past natural resource damage.
• The Missouri DNR will be allowed a $1.25 million general unsecured claim for past assessment costs and future oversight and maintenance costs.
• The state of Missouri and Doe Run Resources Corp. will be allowed a $5 million general unsecured claim to be allocated between them as to be determined later.
• Doe Run will have an allowed general unsecured claim for $759,327 for past or future response costs or natural resource damage related to the three of the six sites.
A hearing has been scheduled for May 12.
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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