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Published on 3/24/2008 in the Prospect News Distressed Debt Daily.

Asarco requests two-month exclusivity extension to complete plan sponsor selection process

By Caroline Salls

Pittsburgh, March 24 - Asarco LLC is seeking a 10th extension to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Friday filing with the U.S. Bankruptcy Court for the Southern District of Texas.

The company wants to extend its exclusive plan-filing period to June 10 from April 11 and the solicitation period to Aug. 12 from June 13.

Under the company's plan sponsor selection bid procedures, which Asarco said were approved on a preliminary basis on March 18, plan sponsor proposals are due by April 21, and potential plan sponsors are expected to participate in a selection meeting about two weeks after that deadline.

Once the plan sponsor is selected, the court will have to schedule a hearing for approval of the chosen sponsor.

Considering this timeline, Asarco said it cannot realistically file a plan before April 11, when the exclusive plan-filing period is set to expire.

Asarco has asked the court to schedule a hearing on approval of the exclusivity extension for April 7.

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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