Asarco seeking extension to file reorganization

Dec 06, 2006 | 09:24 AM | Sean Barry

Copper producer Asarco LLC has applied for a four-month extension to file its Chapter 11 bankruptcy 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.

In October, a bankruptcy court judge granted Asarco an extra three months to file a reorganization plan (AMM, Oct. 6), allowing the company to delay the filing to Jan. 5 while it tried to negotiate a new labor agreement. But the company has now requested a delay until May 11 as it attempts to settle claims that include secured and unsecured creditors, asbestos claimants and environmental liabilities.....

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