PHOENIX, April 30 (Reuters) - Several companies submitted bids for U.S. copper miner Asarco on Wednesday as it tries to sell its way out of bankruptcy protection, a company lawyer said.
Jack Kinzie, a Dallas attorney representing Asarco, declined to reveal the names or number of companies making offers for the company’s assets by the 5 p.m. CDT deadline. He did say he was encouraged by the bids.
Possible bidders for the Tucson, Arizona-based company include its principal bondholders, Harbinger Capital Partners and Citigroup Global Markets. Both support Asarco’s asset sale plans.
Grupo Mexico (GMEXICOB.MX), which owns Asarco, has proposed a reorganization plan for its subsidiary and opposes the asset sale. But the Mexico City-based mining company has no decision-making control over Asarco’s board.
The plan is for bids to be analyzed and a meeting held by the end of May to select a buyer. A successful bidder would have to be approved by Judge Richard Schmidt of the U.S. Bankruptcy Court in the Southern District of Texas in Corpus Christi.
Asarco filed for bankruptcy protection in 2005 under the weight of massive environmental cleanups and asbestos claims. (Reporting by David Schwartz; Editing by Braden Reddall)