Harbinger Proceeds with Re-Org Plan for Asarco

May 27th, 2009
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Harbinger Capital Partners has been given permission by a U.S. bankruptcy court to proceed with the filing of a reorganization plan for Asarco, a bankrupt U.S. copper mining company. According to an article from Reuters, Harbinger, which is the top holder of Asarco’s bonds, must provide assurance that “it is not a ‘bottom feeder.’” Last week, the hedge fund manager submitted a $500 million offer for the company. Harbinger must now compete with Sterlite Industries, which has submitted a bid that has been supported by Grupo Mexico, Asarco’s parent company.
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For Detailed Investor Profiles on these Investors, click below:
HRG Group (Harbinger Capital Partners)
Related People: Omar Asali (CEO); Peter Jenson (COO); Philip Falcone*
Related Entities: Harbert Management Corporation*; Harbinger Capital Credit Distressed BlueLine Fund; Harbinger Capital Partners Master Fund; Harbinger Capital Partners Special Situations Fund LP; HRG Capital
Related Article Tags: Multi-Strategy, Long Short, Equity, Debt and Global Macro Hedge Fund News

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