In 1981, Bendix sold its ASARCO
stock to reduce its investment in natural resource businesses and to realize the appreciation in the value of the stock; the sale resulted in more than $200 million in capital gain.
Today marks the beginning of a new chapter for ASARCO
and Grupo Mexico," said Jorge Lazalde, vice president and general counsel of ASARCO
In addition, workers won an important "successorship" clause that will require any potential buyer of all or part of the current ASARCO
facilities to recognize the Unions and to negotiate a labor agreement prior to completing a sale.
Woolworth, the Court applied Mobil's underlying unitary standard in the same manner as in ASARCO
by focusing on whether there was functional integration between the taxpayer-parent and the nontaxpayer subsidiaries.
The Court issued a channeling injunction that permanently resolves and enjoins all present and future asbestos-related claims against ASARCO
LLC, its subsidiaries and non-debtor affiliates such as ASARCO
's direct and indirect parent companies.
The NLRB also issued complaints against ASARCO
for illegally threatening and intimidating hourly workers.
Hanen has approved the full payment reorganization plan proposed by GMEXICO for ASARCO
LLC, reintegrating the U.
15 /PRNewswire/ -- The United Steelworkers (USW) today accused ASARCO
officials of shamelessly misrepresenting the circumstances around the collapse of negotiations earlier this week and undermining the Union's good faith effort to negotiate fair agreements for workers at the company's mining, refining and smelting operations.
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.
The downgrade of ASARCO
reflects the increase in financial leverage resulting from the debt-financed acquisition of the company by Grupo Mexico S.
Bankruptcy Court Judge Richard Schmidt has recommended confirmation of its full payment reorganization plan for ASARCO
The Merger Agreement requires Grupo Mexico to extend the tender offer for up to three business days if at the November 9, 1999 expiration all of the conditions to the Offer are satisfied or waived, but the number of shares of ASARCO
common stock tendered, together with the shares owned by Grupo Mexico and its subsidiaries, constitutes 80% or more, but less than 90%, of the outstanding shares of ASARCO