Asarco gets court OK for Tacoma, Wash., property sale

By Caroline Salls

Pittsburgh, Jan. 31 - Asarco LLC obtained court approval for the sale of its Tacoma, Wash., property to MC Construction Consultants, Inc., according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

The property is comprised of 97 acres in Tacoma and Ruston, Wash.

MC Construction will assign all of its rights to the property to affiliate Point Ruston LLC.

According to the motion, MC Construction will pay $6.22 million in cash and enter an agreement to pay $15,000 per unit developed on the property, with a minimum of $1.5 million per year, for the five years after closing - a required minimum five-year total of $7.5 million.

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

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