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.....

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