The U.S. district court in Brownsville Texas on Friday accepted Grupo Mexico's plan to take Tucson-based Asarco out of bankruptcy, after a 5-year long battle. Grupo Mexico had promised to pay creditors in full as part of the Asarco reorganization plan, similar to the pledge in the competing Sterlite Industries proposal. [right, Asarco's Mission Mine, Arizona]
On Thursday, a federal judge ordered Grupo to prepare a new contract to the United Steelworkers union that represents 2,500 Asarco workers.
More coverage at:
Wall St. Journal
Bloomberg
Reuters