AmLaw Daily: Haynes and Boone Bankruptcy Reorganization Plan Prevails as Asarco Gets Closer to Chapter 11 Exit

09/02/2009

In September, Baker Botts submitted what could be one of its final bills representing Asarco in its four-year bankruptcy odyssey.

The request put the firm over the $100 million billable mark in the Chapter 11 case. Later, U.S. bankruptcy judge Richard Schmidt in Corpus Christi approved a sale of Asarco that could help the company emerge from bankruptcy. But it wasn't the reorganization plan backed by Baker Botts.

Instead, Milbank, Tweed, Hadley & McCloy restructuring partner Robert Moore and Haynes and Boone bankruptcy partner Charles Beckham, Jr., emerged victorious on behalf of Asarco parent Grupo Mexico, which had lost control of its subsidiary in the Chapter 11 case. Grupo Mexico was competing with India's Sterlite Industries, which had a sale contract with the debtor.

(A Brownsville judge Nov. 13 approved the reorganization plan from Haynes and Boone and co-counsel, ending the long-running case.)

This article excerpted from the AmLaw Litigation Dailey.  For full text, click here. 

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