Asarco creditors warm to new board members

Dec 21, 2005 | 02:35 PM | Sean Barry

Creditors of copper producer Asarco Inc. have welcomed the appointment of two independent members to the company's board of directors as part of a major restructuring plan.

The Tucson, Ariz.,-based company announced earlier this week that H. Malcolm Lovett Jr. and Edward R. Caine will join Carlos Ruiz Sacristan to form a new three-member board of directors (AMM, Dec. 20).

Creditors had been concerned that Asarco, which filed for Chapter 11 bankruptcy protection in August, would not form a board independent from parent company Grupo Mexico SA de CV, according to Terry Bonds, District 12 director of the United Steelworkers union, which is part of the creditor's committee.....





Latest Pricing Trends

Poll

Is severe weather affecting your business?

Yes
No


View previous results