Asarco granted 90-day exclusivity extension to continue creditor discussions

By Caroline Salls

Pittsburgh, Feb. 3 - Asarco LLC obtained 90-day extensions 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's exclusive plan filing period was extended to June 5 from March 7 and the solicitation period to Aug. 4, 2006 from May 6.

According to the motion, the company is in discussions to settle various cases and controversies with its creditor constituencies.

Asarco said the extra time will allow it to proceed in these ongoing discussions, which it said will be of substantial benefit to the estate and the creditors and will increase 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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