Objections Pile Up In Asarco Chapter 11 Plan Debate

Law360, New York (July 30, 2009, 2:45 PM EDT) -- A number of objections have been filed to three competing reorganization plans for bankrupt copper miner Asarco LLC, including one from the United Steelworkers union arguing that a plan by bondholder Harbinger Capital Partners would violate a collective bargaining agreement.

Parties including the union, the city of El Paso, the asbestos judgment creditors, Montana Resources Inc. and Halcyon Asset Management LLC have lodged their objections over the last several days in the U.S. Bankruptcy Court for the Southern District of Texas.

The union's motion said a...
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