Harbinger Fights To File Competing Asarco Plan

Law360 (May 26, 2009, 12:00 AM EDT) -- Asarco LLC bondholder Harbinger Capital is pushing to file its own $500 million reorganization plan for the bankrupt copper producer, battling India-based Sterlite Industries Ltd. and Asarco's parent in their bids for control of the company.

The bankruptcy judge overseeing Asarco's Chapter 11 case in the U.S. District Court for the Southern District of Texas on Friday granted Harbinger's emergency motion for a hearing to consider terminating the company's exclusivity period so it might submit its alternative plan.

Judge Richard Schmidt was scheduled to hear arguments...
To view the full article, register now.
Law360 Pro Say Podcast
Check out Law360's new podcast, Pro Say, which offers a weekly recap of both the biggest stories and hidden gems from the world of law.