BHP says Brazilian court approves Samarco debt reorganisation plan By Reuters

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<span>© Reuters. FILE PHOTO: A tonne of nickel powder made by BHP Group sits in a warehouse at its Nickel West division, south of Perth, Australia August 2, 2019. Picture taken August 2, 2019. REUTERS/Melanie Burton/File Photo</span><br />
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<p>(Reuters) – Australian mining giant BHP on Monday said a Brazilian court had approved the reorganisation plan for its Samarco Mineracao joint venture, clearing the path for the cash-strapped Brazilian miner to move ahead with a $3.7 billion debt-restructuring with its creditors. </p>
<p>On Sept. 1, the Second Business Court of Belo Horizonte, State of Minas Gerais, formalised the restructuring plan of Samarco as part of the ongoing proceedings, BHP said.</p>
<p>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 said.</p>
<p>“The new long-term debt will remain non-recourse to Samarco’s shareholders, BHP Brasil and Vale,” BHP said in a statement. </p>
<p>The planned restructuring, which also includes payments to employees and suppliers, is projected to conclude in the first half of fiscal 2024, the company said. </p>
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<br /><a href="https://www.investing.com/news/stock-market-news/bhp-says-brazilian-court-approves-samarco-debt-reorganisation-plan-3166654">Source link </a></p><p>The post <a href="https://forextraderhub.com/bhp-says-brazilian-court-approves-samarco-debt-reorganisation-plan-by-reuters.html">BHP says Brazilian court approves Samarco debt reorganisation plan By Reuters</a> first appeared on <a href="https://forextraderhub.com">Forex Trader Hub</a>.</p>