Asarco in Chapter 11 Amid Asbestos Claims
Asarco, the U.S. copper-mining unit of Grupo Mexico, has filed for bankruptcy protection after a five-week strike halved copper production and as asbestos claims approached $1 billion.
Liabilities exceed assets by $400 million, Asarco Chief Executive Daniel Tellechea said. The Tucson-based copper producer filed for Chapter 11 reorganization Tuesday in U.S. Bankruptcy Court for the Southern District of Texas in Corpus Christi.
Asarco has assets of $600 million and debt of $1 billion, Tellechea said.
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