Asarco requests exclusivity extension to finalize negotiations, select future claims representative

By Jennifer Lanning Drey

Portland, Ore., June 4 - Asarco LLC requested an extension to its 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 wants to extend the exclusive plan-filing period to Aug. 1 from June 10 and the solicitation period to Jan. 16, 2009 from Aug. 12.

In the filing, Asarco said it has nearly completed drafting its disclosure statement and plan of reorganization but needs to finalize negotiations related to the resolution of its asbestos and environmental liabilities, select a future claims representative and complete negotiations for plan documents including the Asbestos Trust Agreement.

As previously reported, Asarco selected Sterlite (USA) Inc. as the company's plan sponsor. Sterlite will pay Asarco $2.6 billion, which will allow Asarco to implement 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.

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