Grupo Mexico has announced that its subsidiary, Americas Mining Corp. (AMC), has accomplished its liquidation plan for ASARCO LLC, reuniting ASARCO with its main company. The process of reacquisition comes into affect the United States District Court Judge Andrew S. Henen’s order last month to accept GMEXICO’s full payment reorganization plan for ASARCO, concluding the company’s 4-year Chapter 11 proceeding.

While talking to reporters, vice president and general counsel of ASARCO Inc, Jorge Lazalde said, “Today marks the beginning of a new chapter for ASARCO and Grupo Mexico.”

Further, he said, “With ASARCO now able to operate free of its burdensome asbestos and environmental liabilities, which will be fully satisfied under our plan, we believe the combined entity will create one of the world’s strongest and most competitive copper producers.”

The court-sanctioned plan, among other things, called for AMC in order to make a $2.2 billion cash contribution to ASARCO for distribution to creditors, moreover disburse to creditors an pre-determined $1.4 billion in cash on hand from ASARCO’s record and ensures ASARCO’s issuance of a one-year promissory statement for $280 million payable to the asbestos.

To finance the plan, a syndicate of internationally known financial institution has offered $1.5 billion in financing to AMC.