Grupo Mexico should get Asarco back, judge recommends

摘要

It's time for a bankrupt American runaway to go back home to its Mexican parent company. At least that's what U.S. bankruptcy Judge Richard Schmidt has essentially recommended in the latest chapter of Asarco's four-year bankruptcy process that has most recently seen Grupo Mexico (GMBXF-O, GMEXICOB-M) wrangling with Indian-commodities giant Vedanta Resources (VDNRF-O, VED-L) for control of Asarco, a titan of America's copper mining industry which Grupo Mexico acquired in 1999. The decision must still be vetted by another judge. In what has been described as one of the most complex bankruptcy proceedings in American history, Schmidt has ruled that a reorganization plan proposed by Grupo Mexico — one of many submitted over the years by various stakeholders—is superior to a competing plan offered by Vedanta. In terms of cash, Grupo Mexico has promised 2.2 billion US dollars and, Vedanta, 2.1 billion US dollars. Both plans contain further sweeteners to entice creditors.