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Note: After six year joint asbestos-related bankruptcy proceedings of parent, Americas Mining Corp., and subsidiary, ASARCO, LLC, the Bankruptcy Court confirmed the Parent's proposed reorganization plan and rejected the Debtor's alternate plan. On appeal, the US District Court for the Southern District of Texas, Corpus Christi Division, Hanen, J., affirmed.

The Judge, noting that the parent had accumulated over US$ 1 billion in assets over this period, observed that the rejected Debtor's plan was secured by posting US$125 million in LCs with an additional US$500 million on confirmation of the plan. The Judge thought this amount inadequate as opposed to the Parent's plan which was secured by its stock and cash.

[JEB]

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