The Grupo Mexico unit complained in court papers filed with the U.S. Bankruptcy Court in Corpus Christi, Texas, that Asarco, a pertinent defendant in mesothelioma lawsuits, has refused to respond to its financing offer. Grupo Mexico acquired Asarco for $1.2 billion in stock six years ago but lost control of Asarco’s board early in the bankruptcy reorganization, to seal its assets from mesothelioma lawsuits in which their products contained asbestos that is linked to cause this rare disease if exposed to it over a period of time.
Asarco management has filed a pending lawsuit alleging that Grupo intentionally stripped the company of its assets, mainly Peruvian copper mines, before the bankruptcy. Grupo said Asarco refuses to work cooperatively on determining the size of Asarco’s liabilities such as environmental cleanup costs. Obtaining court-approved estimates of its liabilities is a crucial step before Asarco can emerge from bankruptcy. “Since Asarco is unwilling to address the issues raised by the parent consensually, the parent must request the court’s immediate intervention to prevent an injustice,” the Grupo Mexico unit said.
To learn more, contact the Mesothelioma Attorneys at Williams Kherkher by calling 1.800.220.9341.