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Asarco Restructuring Successfully Completed
Grupo México,S.A.B. DE C.V. Announces That Today the Restructuring of Asarco has Been Successfully Completed,Ending the Chapter11 Process Undergone by the Company. Gmexico Made a Cash Contribution of US $720Million and Secured Financing for US $1. 500 Billion to Make Total Contribution to Asarco for US $2. 200 Billion,and With Asarco’S Available Cash,a US $3.630Billion Payment was Made to Creditors.
Bankruptcy Court Judge Recommendation
GM to Conclude Chapter11 Process
Grupo Mexico,Through its Subsidiary Americas Mining Corporation Filed a Reorganization Plan With the Bankruptcy Court of Corpus Christi,Which is Leading the Chapter11 Proceedings of its Subsidiary Asarco,Providing for Full Payment of Principal Plus Accrued Interest,Meaning a 100 % Cash Payment to Creditors. With This New Plan Grupo Mexico Reaffirms its Initial Intentions at the Start of the Chapter11 Process,to PAY all its Subsidiary's Liabilities Once These HAD Been Defined. Consequently,AMC Will PAY US $2.4829 Billion,of Which US $2. 2029Billion Will be Paid on the Effective Date of the Plan Plus a one-Year Promissory Note for US $280.0Million for the Asbestos Creditors.
Grupo Mexico Announced Directors Change(Spanish )
ILO Refinery Modernization Program Concluded(Spanish )
5/28/2016 10:49:21 PM