A four-year bankruptcy battle for control of Asarco finally ended Wednesday when the Tucson, Ariz.-based mining company emerged from Chapter 11 and into the arms of its long lost parent, Grupo Mexico. It was the largest environmental claims settlement in bankruptcy history — and probably worth more than $200 million in billable hours to legions of lawyers.
The matter entered its final stage last month in the border city of Brownsville, Texas, when U.S. district court judge Andrew Hanen approved a $2 billion plan by Grupo Mexico to reacquire Asarco out of bankruptcy.
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