Asarco launches final step in plan sponsor selection process; company meeting with bidders

By Caroline Salls

Pittsburgh, May 22 - Asarco LLC has begun its final step in selecting a plan of reorganization sponsor as part of its path toward emergence from Chapter 11 bankruptcy, according to a company news release.

Asarco said companies that previously submitted bids to purchase the company's operating assets were scheduled to meet Thursday with Asarco's lawyers, financial advisers and creditors.

"We are convinced that this bidding process will result in the overall best value for the company, its employees, creditors and the communities in which we operate," Asarco president and chief executive officer Joseph F. Lapinsky said in the release.

As previously reported, Asarco is seeking plan sponsor offers under bidding procedures approved by the U.S. Bankruptcy Court for the Southern District of Texas and under close observation of a court-appointed examiner.

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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