A U.S. bankruptcy judge ruled in favor of Grupo Mexico in a case involving the bankruptcy of Asarco, a mining and smelting company. The judge agreed that Grupo Mexico should regain control of Asarco. 

The ruling was somewhat controversial. A number of groups including representatives from 11 states opposed the reorganization plan. They alleged that Grupo Mexico had essentially destroyed Asarco, and it was not in the best interest of the company to remain under the control of Grupo Mexico. 

As part of the deal, Grupo Mexico will pay cleanup costs of more than $150 million for arsenic damage caused by Asarco. Asarco was attempting to minimize its environmental liability by filing for bankruptcy.

If your company is considering filing for bankruptcy, contact the Austin Chapter 11 bankruptcy lawyers of Slater Kennon LLP, at 512-338-1100.