After four and one-half years in Chapter 11, ASARCO, LLC emerged from bankruptcy Wednesday with the closing of a full payment reorganization plan proposed by Americas Mining Corporation (AMC) and ASARCO, Inc, wholly owned subsidiaries of Grupo Mexico SAB represented by Haynes and Boone, LLP and Milbank, Tweed, Hadley & McCloy, LLP. The plan pays all ASARCO creditors in full and returns control of the U.S. copper giant to its corporate parent, AMC.
Houston, TX (Vocus/PRWEB ) December 11, 2009 -- After four and one-half years in Chapter 11, ASARCO, LLC emerged from bankruptcy Wednesday with the closing of a full payment reorganization plan proposed by Americas Mining Corporation (AMC) and ASARCO, Inc, wholly owned subsidiaries of Grupo Mexico SAB represented by Haynes and Boone, LLP and Milbank, Tweed, Hadley & McCloy, LLP. The plan pays all ASARCO creditors in full and returns control of the U.S. copper giant to its corporate parent, AMC.
 In recommending confirmation, Judge Schmidt said closing of the parent’s plan would culminate perhaps the most successful major bankruptcy reorganization in history. 
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U.S. District Judge Andrew S. Hanen in Brownsville, Texas signed the confirmation order that returned control of ASARCO to AMC. The district court’s decision affirmed a recommendation from U.S. Bankruptcy Judge Richard S. Schmidt, who presided over a three-week confirmation trial in August.
Judge Schmidt recommended to Judge Hanen that the AMC plan be confirmed over a competing plan proposed by ASARCO and supported by numerous creditors and the United Steel Workers. In recommending confirmation, Judge Schmidt said closing of the parent’s plan would “culminate perhaps the most successful major bankruptcy reorganization in history."
"We worked very hard to convince both the bankruptcy court and the district court that the plan proposed by AMC presented the best recovery to the creditors of ASARCO,” Mr. Beckham said. “We are gratified that our plan was approved over a competing plan that would have taken control of ASARCO away from its parent.
"We have always had faith that the courts would treat Grupo Mexico fairly and would conclude that the Grupo Mexico plan gives the company the brightest possible future while treating creditors and employees fairly," he said. “Closing of the parent's plan is the culmination of years of effort by Haynes and Boone and Milbank working closely together as a team to achieve a great result for our client."
Pursuant to the Grupo Mexico plan, AMC has contributed $2.2 billion in cash to ASARCO. Combined with about $1.4 billion in cash on hand and other considerations, creditors will be paid in full.
"We are very appreciative of Haynes and Boone’s hard work to get to this best possible result for ASARCO and its creditors," said Jorge Lazalde, ASARCO, Inc. vice president and general counsel. "We are looking forward to rekindling our relationships with the company, its employees, its creditors and the communities in which ASARCO operates to ensure that ASARCO will thrive as a strong, competitive company for many years to come."
In addition to Mr. Beckham, the Haynes and Boone team included Dallas partners Trey Monsour, Marty Brimmage and Art Carter; Houston Partner Brian Antweil; Houston associates Brooks Hamilton and Chris Castillo; Dallas Associate Lacy Lawrence; New York Partner Kenneth Bezozo and New York Associate Kendyl Hanks.
Haynes and Boone, LLP is an international corporate law firm with offices in Texas, New York, California, Washington, D.C., Mexico City and Moscow, providing a full spectrum of legal services. With almost 550 attorneys, Haynes and Boone is ranked among the largest law firms in the nation by The National Law Journal. The firm has been recognized as one of the "Best Corporate Law Firms in America" (Corporate Board Member Magazine, 2001-2009), as one of "The Best 20 Law Firms to Work For" (Vault.com, 2009), and as a Top 100 law firm for both diversity (MultiCultural Law Magazine, 2009) and women (Women 3.0, 2008).
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