Copper-miner Asarco says parent firm delays filing of Chapter 11

WASHINGTON (Dow Jones/AP)  Asarco says it needs two more months to file its bankruptcy-exit plan.

The Tucson, Arizona-based copper-miner says its parent company,a unit of Mexican mining company Grupo Mexico, is behind the delay. Asarco wants a federal bankruptcy judge in Corpus Christi to extend the deadline for filing its reorganization plan to April 11th.

The current deadline is February 11th. In court papers filed yesterday, Asarco says it can't meet that deadline because it has to spend time defending a move by its parent company to appoint an examiner to investigate Asarco's reorganization. Asarco, has been in bankruptcy since August 2005.

It says it's making progress in the case, working to resolve its environmental and asbestos-related liabilities.