Asarco motion for approval of Sterlite bid protections taken under advisement; exclusivity extended

By Jennifer Lanning Drey

Portland, Ore., June 13 - Asarco LLC's motion for approval of the bid protections offered to Sterlite Industries (India) under a proposed $2.6 million asset sale agreement was taken under advisement by the U.S. Bankruptcy Court for the Southern District of Texas upon the conclusion of two days of hearings, according to an attorney.

The court indicated it would rule on the matter before July 2, the attorney said.

Asarco's exclusivity was extended through the time until an order is signed.

As previously reported, the assets to be purchased include three open-pit copper mines and a copper smelter in Arizona, as well as a copper refinery, rod and cake plant and precious metals plant in Texas.

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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