Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers A > Headlines for Asarco LLC > News item |
Asarco granted eight-month exclusivity extension
By Caroline Salls
Pittsburgh, April 2 - Asarco LLC obtained an extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Monday filing with the U.S. Bankruptcy Court for the Southern District of Texas.
The company's exclusive plan-filing period was extended to Nov. 30, 2007 from April 6 and the solicitation period to Jan. 29, 2008 from June 6.
According to the motion, the company has complex environmental litigation and asbestos claim issues that must be resolved before it can secure new capital or exit financing, determine the size and treatment of an unsecured creditor class or prepare a disclosure statement with meaningful information on what creditors can expect to recover under a plan of reorganization.
Asarco, a Tucson, Ariz., mining company, filed for bankruptcy on Aug. 9, 2005. Its Chapter 11 case number is 05-21207.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.