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BHP's Samarco files judicial review for bankruptcy protection
StockMarketWire.com
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Mining giant BHP said its joint venture Samarco Mineracao had filed for judicial review for bankruptcy protection after failing to agree terms on a debt restructure with creditors.
'Samarco's JR filing is a last-resort response to multiple legal actions filed by certain Samarco financial creditors in the U.S. and Brazil which have resulted in freezing orders against Samarco's accounts and which threaten Samarco's operations,' the company said.
The judicial review would not affect Samarco's obligation or commitment to 'make full redress for the 2015 Fundao dam failure, and it does not impact Renova's ability to undertake that remediation and compensation,' it added.
Samarco, BHP Brasil and Vale - both of which own 50% in Samarco - were expected to continue negotiations in the coming months with the Brazilian authorities to settle the R$155 billion public civil claim commenced by the Federal Prosecutors Office against the trio of companies.
Story provided by StockMarketWire.com
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