The reorganization plan will allow Asarco to emerge from bankruptcy in a manner "fair to all constituencies," according to Asarco's chief executive officer, Joseph F. Lapinsky. "It will put Asarco's assets under ownership of a world-class global mining company," he said. The Tucson-based Asarco was put in bankruptcy proceedings by parent company Grupo Mexico SAB and since 2005 has been operated by an independent board. The company said Asarco is formulating plans with principal creditors, including a committee of asbestos creditors, the U.S. government and potential future claimants. Asbestos has long been known to cause mesothelioma and other lung diseases. According to mesothelioma attorneys who are watching the proceedings, two groups of creditors will be paid as much as $750 million each and also supplemental distribution of as much as $102 million each if funds are available. According to court documents an Asbestos Trust will be established to be responsible for the liquidation and payment of claims said Asarco will put a total of $243.8 million in various environmental custodial trusts for property remediation and restoration. Hearings are scheduled before a bankruptcy judge in Corpus Christi, TX on Sept. 23 to consider approval of the disclosure statement and a hearing Nov. 17 to consider approval. Under the proposed plan, secured claims will at the option of Asarco either paid in full or reinstated.