Harbinger files its plan for buying Asarco

NEW YORK, May 28 (Reuters) - Harbinger Capital, one of Asarco LLC's largest bondholders, filed a plan this week with bankruptcy court for its own $500 million reorganization of the bankrupt U.S. copper miner, according to court documents.

Harbinger's plan is competing with India's Sterlite Industries (STRL.BO) and Asarco's parent Grupo Mexico (GMEXICOB.MX) for control of the company.

A court earlier this week told Harbinger it could submit the plan. A hearing is set for June 5 in which the judge could rule on the plan, court documents said.

Asarco, which filed for bankruptcy protection in 2005 amid more than $1 billion in environmental damage and asbestos claims, is seeking to sell its assets to Sterlite for $1.7 billion. (Reporting by Caroline Humer, editing by Gerald E. McCormick)