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Asarco major bondholders appeal company's exclusivity extension
By Reshmi Basu
New York, July 31 - Asarco LLC's major bondholder, Harbinger Capital Partners Master Fund I, Ltd., filed an appeal against a court order that granted an extension for the company's exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Tuesday filing with the U.S. Bankruptcy Court for the Southern District of Texas.
The company's exclusive plan filing period was extended to Nov. 12 from Aug. 9 and the solicitation period to Jan. 14 from Oct. 9.
Harbinger, a New York-based private-equity firm, and other parties, said they collectively hold two-thirds of the company's unsecured bonds and debentures.
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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