Bankruptcy Update: ATA Airlines, Hancock Fabrics, Asarco and more

Here are some of the latest bankruptcy stories our reporters have been covering Friday morning on TheDeal.com. For more check out the bankruptcy channel on TheDeal.com or visit Bankruptcy Insider.

ATA sues FedEx
ATA Airlines Inc. has filed a $150 million lawsuit against FedEx Corp. because of the overnight courier's decision to drop the bankrupt airline from participating in its military charter business. Indianapolis, Ind.-based ATA said the move was the driving force behind its decision to seek Chapter 11 protection and abruptly cease all operations. - John Blakeley

Hancock Fabrics files Ch. 11 plan
Hancock Fabrics Inc. is looking to exit from bankruptcy protection in August with a reorganization plan to pay all of its creditors in full with interest. - John Blakeley

Pope sale of pulp mill clears
The sale of Pope & Talbot Inc.'s Halsey, Ore., pulp mill and other domestic assets to a group led by secured lender Ableco Finance LLC for about $59.3 million has been approved. - John Blakeley

Bid for Asarco becomes heated
Bankrupt Asarco LLC was expecting fireworks in the copper miner's hotly contested struggle to win approval of the $2.6 billion cash sale of its assets. Asarco encountered continuing opposition from Grupo Mexico SAB de CV, its Mexico City-based parent, and private equity firm Harbinger Capital Partners Master Fund I Ltd. because those disgruntled suitors want the assets for themselves now that the company is solvent. - Terry Brennan

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