Asbestos Group Balks At Harbinger's Asarco Plan

Law360, New York (June 4, 2009, 12:00 AM EDT) -- Asbestos claimants in the bankruptcy case of mining company Asarco LLC have objected to a disclosure statement filed by Harbinger Capital Partners, contending that the document leaves out crucial information about its reorganization proposal.

In the objection, filed Wednesday in the U.S. Bankruptcy Court for the Southern District of Texas, the official committee of asbestos personal injury claimants argued that bondholder Harbinger failed to disclose that it plans to sell Asarco’s operations below market value.

The asbestos claimants, whose claims have been estimated to be as...
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