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Asarco asbestos claimants closer to payout

Copper mining giant Asarco LLC is currently dealing with bankruptcy. Asarco declared bankruptcy in part due to a large number of asbestos claims levied against the company. Now, a new offer from another company may help Asarco to pay off some of those asbestos-related personal injury claims.

Vedanta Resources PLC announced that it plans to increase the note portion of the offer to lift Asarco out of bankruptcy. Sterlite Industries, a subsidiary company of the London-based Vedanta mining company, will increase the note portion of their offer to Asarco. The amount of the note offer will increase from $600 million to $770 million. Including liabilities, that offer is valued at between $2 and $3 billion.

The Wall Street Journal reports on the offer indicate that the Vedanta unit will also improve the terms of payment to asbestos claimants. Asbestos claimants have been called a “critical group” in the Asarco bankruptcy restructuring. The asbestos claimants seek various personal injury claims, including asbestos-related claims. Asbestos causes various illnesses, which include lung cancer and mesothelioma.

Currently, Vedanta/Sterlite is engaged in a bidding war with rival company Grupo Mexico. Regardless of who makes the best offer, the end result will be that Asarco will be financially able to pay off creditors and asbestos claimants. Grupo Mexico’s most recent bid was worth $1.55 billion; a bid that Sterlite has just topped. Asarco filed for bankruptcy in 2005, and faces over $1 billion in unresolved asbestos and environmental damage claims.

This entry was posted on Tuesday, June 16th, 2009 at 2:43 pm and is filed under News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

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