Asarco Wins Extension, Wants $158M Deal

Law360, New York (October 29, 2007, 12:00 AM EDT) -- On Monday, the bankruptcy judge overseeing Asarco LLC's Chapter 11 reorganization agreed to let the 108-year-old mining company keep control of its bankruptcy for about three more months, and also granted Asarco's motion for expedited consideration of the company's bid for approval of a $158 million settlement of environmental claims lodged by the government.

U.S. Bankruptcy Judge Richard S. Schmidt signed an order extending Asarco's exclusive rights to file a restructuring plan, originally scheduled to expire Nov. 12, through to Feb. 11, 2008, and extending Asarco's...
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