Asarco seeks extension to file reorganization plan

Dec 06, 2006 | 06:24 AM | Sean Barry

Copper producer Asarco LLC has applied for a four-month-extension to file its reorganization plan as the company struggles to settle a mountain of claims from creditors and secure a new labor agreement.

The Tucson, Ariz.,-based company faces claims totaling $21.6 billion following its collapse into Chapter 11 bankruptcy protection last year.

In October, Asarco was granted by a bankruptcy judge an extra three months to file a reorganization plan. The company was then allowed to delay the filing to Jan. 5 while it tried to negotiate a new labor agreement. But the company has now requested that a proposal to pay creditors be delayed until May 11 as the company attempts to settle the myriad of claims that includes secured and unsecured creditors, asbestos claimants and its environmental liabilities.....

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