ASARCO LLC (Asarco) today commenced its final step to select a plan
sponsor as part of its goal to successfully emerge from chapter 11. The
process is proceeding pursuant to a bidding procedure supported by the
Company´s creditors and approved by the U.S.
Bankruptcy Court for the Southern District of Texas and under the close
observation of a court-appointed examiner. Companies, who previously submitted bids to purchase Asarco´s
operating assets, are meeting today with Asarco´s
lawyers and financial advisors as well as those of the Company´s
creditors. The Company intends to select the highest and best bid that
would be in the best interests of the Company and its 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," said Joseph F. Lapinsky, President and Chief Executive Officer of Asarco. Earlier this year, the court appointed an examiner at the request of
ASARCO Incorporated, the immediate parent company of Asarco. The
examiner was appointed by the court to observe the bidding process to
see that it proceeds according to the court´s
order. ASARCO is an integrated copper mining, smelting and refining company
with approximately 2600 employees. The Company operates mines, mills and
a smelter in Arizona and a smelter and refinery in Texas. For more
information, visit http://www.asarco.com.
