Asarco granted two-month exclusivity extension

By Jennifer Lanning Drey

Portland, Ore., April 8 - Asarco LLC obtained a 10th 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 exclusive plan-filing period was extended to June 10 from April 11 and the solicitation period to Aug. 12 from June 13.

As previously reported, under the company's plan sponsor selection bid procedures, 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 could not realistically file a plan before April 11, when the exclusive plan-filing period was set to expire.

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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