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A subsidiary of Grupo Mexico has filed a reorganization plan with U.S. Bankruptcy Court to regain control of Tucson-based copper producer Asarco LLC.

Americas Mining Corp., a subsidiary of the Mexico City-based conglomerate submitted its plan Tuesday evening.

Under the proposal, AMC would provide up to $2.7 billion in cash as well as a $440 million guarantee to assure payment of all allowed creditor claims, including payment of liabilities relating to asbestos and environmental claims.

Asarco has been in bankruptcy protection since 2005 and has asked the court to let India-based Sterlite Industries Ltd. purchase Asarco’s operating assets. Asarco would then pay outstanding environmental claims and creditors itself.

Asarco blames Grupo Mexico for its financial woes and ultimate bankruptcy and does not want to be placed under its control again. Grupo bought Asarco in 1999.