Asarco asks for 8th extension to file bankruptcy plan By: Bloomberg News e-mail this to a friend | print this article October 02, 2007 -- For an eighth time, Tucson-based copper producer Asarco LLC is looking for an extension of its exclusive right to file a reorganization plan. This time, Asarco wants to prohibit everyone else from filing a competing plan at least until Feb. 11, 2008. Asarco said its papers filed in bankruptcy court in Corpus Christi, Texas, that third parties interested in sponsoring a reorganization plan will be looking at financial information and inspecting the mines and other facilities this month. The company says that no one can bring the company out of bankruptcy before completion of the process of estimating environmental claims. Nine trials are on tap this month and in November. In a Sept. 28 court filing Asarco asked permission to settle claims resulting from removing lead and arsenic from backyards in El Paso, Texas. While Asarco owed the federal government almost $20 million for cleanup costs in El Paso, the settlement calls for giving the government an approved unsecured claim of $13.3 million. Texas environmental regulators are to have a $419,000 approved claim, if the bankruptcy court approves. The company filed to reorganize under Chapter 11 in August 2005 to deal with asbestos claims. Asarco has more than 1,800 Arizona employees and operates the Mission mine near Sahuarita, the Silver Bell mine west of Marana, the Ray mine near Kearny and the Hayden smelter 30 miles north of Oracle. Related Links Businerss News article Fair Use Notice: This site contains copyrighted material the use of which has not always been specifically authorized by the copyright owner. We are making such material available in our efforts to advance understanding of environmental, political, human rights, economic, democracy, scientific, and social justice issues, etc. We believe this constitutes a "fair use" of any such copyrighted material as provided for in section 107 of the US Copyright Law. In accordance with Title 17 U.S.C. Section 107, the material on this site is distributed without profit to those who have expressed a prior interest in receiving the included information for research and educational purposes. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtml. If you wish to use copyrighted material from this site for purposes of your own that go beyond "fair use", you must obtain permission from the copyright owner. NAVIGATE Who We Are Help GTLO Home Owners News Room Scientific Reports Calendar of Events Resources Maps Photo Gallery Hazardous Waste   NEWSLETTER Sign up for our FREE Newsletter info@gettheleadout.net | Disclaimer Help Get the Lead Out - Home Owners - News Room - Good Science Calendar of Events - Resources - Photo Gallery

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