BHP: Brazilian court greenlights Samarco debt reorg plan.
(Reuters) – Australian mining giant BHP announced on Monday that a Brazilian court has given the green light to the reorganisation plan for its Samarco Mineracao joint venture. This approval paves the way for the financially struggling Brazilian miner to proceed with a $3.7 billion debt-restructuring with its creditors.
On Sept. 1, the Second Business Court of Belo Horizonte, State of Minas Gerais, officially approved the restructuring plan of Samarco as part of the ongoing proceedings, according to BHP.
The reorganisation plan for Samarco, which is 50% owned by BHP and 50% by Vale, allows for the Brazilian miner’s existing financial debt to be exchanged for up to $3.7 billion of long-term unsecured debt, BHP stated.
“The new long-term debt will remain non-recourse to Samarco’s shareholders, BHP Brasil and Vale,” BHP added in a statement.
The planned restructuring, which also includes payments to employees and suppliers, is projected to conclude in the first half of fiscal 2024, the company revealed.
(Reporting by Roushni Nair in Bengaluru; Editing by Paul Simao and Rosalba O’Brien)
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