Citing Complexities, Asarco Moves For Extensions

Law360, New York (December 5, 2006, 12:00 AM EST) -- Facing environmental liabilities estimated to exceed $6 billion, mining company Asarco LLC has asked a bankruptcy judge in Texas to extend Asarco’s exclusive rights to file and seek support for a Chapter 11 plan, and push back the filing deadline for removing civil actions.

In a motion filed Dec. 1, Asarco asked U.S. Bankruptcy Judge Richard S. Schmidt to extend its exclusive rights to file a reorganization plan for about four months. If the motion is granted, Asarco will have until May 11, 2007 to file...
To view the full article, register now.