Asarco asks bankruptcy court for more time, citing asbestos and environmental claims

16

Jul
2007

Asarco LLC, the mining and smelting company that filed for bankruptcy in 2005 , has asked the bankruptcy court for more time to file its reorganization plan. The current deadline for the company to file its plan is August 9. Asarco says it needs more time because of the complexity of the issues involving the billions of dollars of environmental liabilities and asbestos claims against the company. Representatives of asbestos victims estimate Asarco’s asbestos liabilities to be between $906 million and $2.66 billion. Asbestos is linked to mesothelioma and other diseases.

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