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Asarco Copper Company files for Chapter 11

August 11, 2005 /

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Copper company blames strike, EPA claims

In the midst of a strike and facing environmental-cleanup costs, copper producer Asarco filed bankruptcy on Wednesday to have the federal court help sort out its problems.

The Tucson-based subsidiary of Mexico City’s Grupo Mexico SA filed for Chapter 11 protection, claiming the month-old strike and as much as $2 billion in pending environmental liabilities left it no choice.

"We believe that the Chapter 11 process is the best way for the company to reorganize its liabilities, reduce its operating costs and restructure its balance sheet for the long term," Asarco LLC President Daniel Tellechea said.

Max Jarman
The Arizona Republic

Full Story: http://www.azcentral.com/arizonarepublic/business/articles/0811asarco11.html

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