Asarco granted approval to sell stock in four companies, agricultural cooperatives

By Caroline Salls

Pittsburgh, April 29 - Asarco LLC obtained 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 Tuesday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, Asarco received court approval to sell 388,022 shares it holds in Metlife Co., 16,800 shares of Nymex Holdings Inc., 134 shares of Freeport-McMoRan Copper & Gold Inc., and the agricultural cooperative shares, including 1,404 shares of Ag-Land FS, 840 shares of Gateway Co-op and 712 shares of Riverland FS.

Asarco said it will 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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