Asarco Wins Exclusivity Extension To Push Plan

Law360, New York (May 12, 2009, 12:00 AM EDT) -- A federal judge has extended until Sept. 30 the court-ordered exclusivity period for bankrupt Asarco LLC's efforts to gain approval of its fifth amended plan of reorganization, which contemplates a $1.7 billion sale of its operating assets to India-based copper producer Sterlite Industries Ltd.

But Judge Richard S. Schmidt's order Tuesday in the U.S. Bankruptcy Court for the Southern District of Texas left the door open for Asarco parent Grupo Mexico SAB to launch a competing plan by Friday.

Asarco said in April — and again...
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