Harbinger Files Competing Ch. 11 Plan For Asarco

Law360 (May 27, 2009, 12:00 AM EDT) -- A bankruptcy judge has allowed bondholder Harbinger Capital to file a reorganization plan for bankrupt copper mining company Asarco LLC, pitting the creditor against Asarco parent Grupo Mexico SAB and India's Sterlite Industries Ltd. in their efforts to take control of Asarco through their own Chapter 11 plans.

Harbinger Capital filed its plan Wednesday in the U.S. Bankruptcy Court for the Southern District of Texas, which would call for the mining company to sell substantially all its assets to an entity designated by Harbinger in exchange...
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