Asarco seeks to 4 months to file reorganization plan
Asarco LLC is seeking an extension of four months of the reorganization of its exclusive rights, such as mines, to resolve problems with its labor force, debt load and the environment.
Asarco, a subsidiary of Mexican conglomerate Grupo Mexico SA, based in Tucson, Arizona at the time of its bankruptcy filing last year to over $ 1 billion of USA indebted. Several countries, including websites operated Asarco, said in court documents that cadastral sites contaminated by the company alone can not this amount.
On Friday, the company said it wants until May 11, a proposal to pay creditors and July 11 at the reception for creditors to supporting documents submitted to the U.S. Bankruptcy Court in Corpus Christi, Texas.
The obligation in relation to insolvency of companies under Chapter 11 on a plan of how the creditors are paid. Excluding periods so as to prevent other parts of these plans tax to the jurisdiction of the company can maintain control of the restructuring, without external influence.
The company said, there are some 94 sites in 21 countries for which Asarco, or one of its units, the responsibility is known for environmental remediation costs. In addition, Asarco asbestos and its units, there are more than 75000 requests for injury related to asbestos.
Laboratory problems continue to plague the company. At the time of the bankruptcy proceedings initiated in August 2005, approximately 1,500 workers per hour depicts a strike until November 2005. Staff not return to work last December, production levels caused the delay. The colony of work, the end of the strike, will expire soon and Discussions on a new agreement are in a decisive phase, the company said.
Asarco Manager has been focused on the creation of a new deal of work in the coming weeks. The company explained that although most of its workers still had the task until the end of 2005 the company to restart after losing a significant number of employees and leaders, must be replaced, the company was able to full production.
Asarco said, there has been progress since last December by the return to production levels before the strike, increased revenue and rebuilding its management team, but the time required for staff Additional fill the remaining vacancies.
The company has also worked for the number of rights to asbestos and bankruptcy of Justice to determine which, if ever, its shares are responsible. A September 4, 2007, a study so far planned to determine an estimate of debts of the company said. There are over two million documents in the process, the company said it discovered that consumes much longer and more complex than originally planned.
“One of these themes, whether environmental, asbestos, pensions guilty or not work, makes all 11 chapters difficult cases, but the combination of these four questions were raised this case A particular challenge and justifies an extension of exclusivity, “said the company.
If Judge Richard S. Schmidt, chairman, is about the reorganization of the company, were down to turn Asarco request of the company, only the right to submit a proposal for a plan until January 5 and their exclusive rights would call ends on March 9. A hearing on this theme was not planned.
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