Asarco hearing on asset sale bid protections to continue Friday

By Jennifer Lanning Drey

Portland, Ore., June 12 - Asarco LLC's hearing for approval of the bid protections offered to Sterlite Industries in connection with the company's proposed $2.6 billion asset sale will continue on Friday, according to a source familiar with the case.

The hearing began Thursday at the U.S. Bankruptcy Court for the Southern District of Texas.

As previously reported, Asarco creditors Harbinger Capital Partners Master Fund I, Ltd. and Harbinger Capital Partners Special Situations Fund, LP objected to the bid procedures for the sale, arguing that the stalking horse bid does not comply with a number of court-approved criteria.

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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