Bankruptcy Court Recommends Parent Plan in ASARCO LLC Reorganization.TUCSON, Ariz. -- Today, Judge Richard Schmidt of the U.S. Bankruptcy Court bankruptcy court n. the specialized Federal court in which bankruptcy matters under the Federal Bankruptcy Act are conducted. There are several bankruptcy courts in each state, and each one's territory covers several counties. for the Southern District of Texas, Corpus Christi Corpus Christi, in Christianity Corpus Christi [Lat.,=body of Christ], feast of the Western Church, observed on the Thursday after Trinity Sunday (or on the following Sunday). Division, issued a formal recommendation to confirm the reorganization plan A scheme authorized by federal law and promulgated by the president whereby he or she alters the structure of federal agencies to promote government efficiency and economy through a transfer, consolidation, coordination, authorization, or abolition of functions. sponsored by Americas Mining Corporation and ASARCO ASARCO American Smelting and Refining Company Incorporated, the parent companies of ASARCO LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . The Court issued the ruling after a two and a half week confirmation hearing. The judge's recommendation proposes that the federal district court approve the parent companies' plan rather than the one filed by the debtor, ASARCO LLC and its sponsor, Sterlite (USA), Inc. "Our Board will consider the court's recommendations and findings and then, in consultation with our advisors, major creditor constituencies, and Sterlite, will determine the next steps that are in the best interest of the debtors and their estates," said Joseph F. Lapinsky, President and Chief Executive Officer of ASARCO LLC. Judge Andrew Hanen of the U.S. Federal District Court in Brownsville, TX has the responsibility for confirming any plan of reorganization. ASARCO LLC filed for chapter 11 bankruptcy protection on August 9, 2005. ASARCO is an integrated copper mining, smelting and refining company with approximately 2500 employees. The Company operates a smelter, three mines, associated mills and solvent extraction-electrowinning plants in Arizona, and a refinery complex in Texas, which includes plants that produce copper rod and cake, precious metals Precious Metals Valuable metals such as gold, iridium, palladium, platinum, and silver. Notes: Investing in precious metals can be done either by purchasing the physical asset, or by purchasing futures contracts for the particular metal. and by-products. For more information, visit http://www.asarco.com. |
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