Asarco parent companies ordered to produce plan funding information

By Caroline Salls

Pittsburgh, July 15 - Asarco LLC parent companies Americas Mining Corp. and Asarco Inc. have been ordered to provide some documents related to the proposed funding of their plan of reorganization by Friday, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

Specifically, the parent companies must provide Asarco with all documents related to their financial ability to close on their plan, all documents related to their ability to borrow money and standalone financial statements and balance sheets for each company.

In addition, Americas Mining and Asarco Inc. must produce any commitment letter they receive to fund their plan to Asarco.

As previously reported, Asarco said it has asked Asarco Inc. and Americas Mining to produce the documents, but they had not turned over most of the requested information as of the beginning of July.

The company said the parents have not given a good reason for refusing to turn over the documents.

Asarco, a Tucson, Ariz., mining company, filed for bankruptcy on Aug. 9, 2005. Its Chapter 11 case number is 05-21207.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.