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Asarco requests 90-day exclusivity extensions
By Caroline Salls
Pittsburgh, Jan. 26 - Asarco LLC requested 90-day extensions to its exclusive periods to file a plan of reorganization and solicit votes on the plan, according to a Wednesday filing with the U.S. Bankruptcy Court for the Southern District of Texas.
The company wants to extend its exclusive plan filing period to June 5 from March 7 and the solicitation period to Aug. 4, 2006 from May 6.
According to the motion, the company is in discussions to settle various cases and controversies with its creditor constituencies.
Asarco said the extra time will allow it to proceed in these ongoing discussions, which it said will be of substantial benefit to the estate and the creditors and will increase the potential for early payout of allowed claims.
A hearing is scheduled for Feb. 3.
Asarco, a Tucson, Ariz., mining company, filed for bankruptcy on Aug. 9. Its Chapter 11 case number is 05-21207.
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