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Asarco obtains three-month exclusivity extension
By Caroline Salls
Pittsburgh, Jan. 4 - Asarco LLC obtained the fifth extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Thursday filing with the U.S. Bankruptcy Court for the Southern District of New York.
The company's exclusive plan-filing period was extended to April 5 from Jan. 5 and the solicitation period to June 6, 2007 from March 9.
According to the motion, the extension is warranted because of case complexities, including environmental clean-up obligations, asbestos personal injury claims, labor issues and bond debt.
Asarco, a Tucson, Ariz., mining company, filed for bankruptcy on Aug. 9, 2005. Its Chapter 11 case number is 05-21207.
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