Asarco Files for Bankruptcy Protection, Cites Asbestos Liabilities

CORPUS CHRISTI, Texas -- Asbestos defendant Asarco LLC. has filed Chapter 11 bankruptcy based on the number of asbestos liabilities the company is facing. In re: Asarco LLC, No. n/a (S.D. Texas, Bankr.).

The petition was filed Aug. 9 in the U.S. Bankruptcy Court for the Southern District of Texas.

According to published reports, workers for the copper miner have been on strike for five weeks at units in Arizona and Texas. The strike was cited as another reason for the bankruptcy filing, published reports indicated.

Counsel for Asarco are Jack L. Kinzie and James R. Prince of Baker Botts …