Asarco requests extension to exclusive plan filing, solicitation periods

By Caroline Salls

Pittsburgh, Oct. 12 - Asarco LLC requested a 90-day 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 its exclusive plan filing period to March 7 from Dec. 7 and the solicitation period to May 6.

The exclusive plan filing periods for Asarco's subsidiaries end on various dates through the end of 2005. The company said extending the exclusive periods for all the debtors to the same date will assist in efficient case management.

According to the motion, the extension will allow the company to continue its efforts to settle cases and controversies with its various creditor constituencies, increasing the potential for early payout of allowed claims.

Asarco, a Tucson, Ariz., mining company, filed for bankruptcy on Aug. 9. Its Chapter 11 case number is 05-21207.

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