{"id":56572,"date":"2023-09-03T22:08:32","date_gmt":"2023-09-04T02:08:32","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/bhp-says-brazilian-court-approves-samarco-debt-reorganisation-plan\/"},"modified":"2023-09-03T22:08:34","modified_gmt":"2023-09-04T02:08:34","slug":"bhp-says-brazilian-court-approves-samarco-debt-reorganisation-plan","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=56572","title":{"rendered":"BHP says Brazilian court approves Samarco debt reorganisation plan"},"content":{"rendered":"
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\u00a9 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>
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By Roushni Nair<\/p>\n

(Reuters) -Australian mining giant BHP said on Monday a Brazilian court had approved the reorganisation plan for its Samarco joint venture, clearing the path for the cash-strapped Brazilian miner to move ahead with a $3.7 billion debt restructuring.<\/p>\n

The debt reorganisation is intended to help Samarco, an iron ore miner that is 50% owned by BHP and 50% by Vale, meet funding obligations related to rectifying and providing compensation for the damage caused by a 2015 dam collapse that killed 19 people in Brazil’s worst-ever environmental disaster.<\/p>\n

Shares in BHP rose as much as 3.1% to A$46.090 by 0049 GMT, while the Australian mining sub-index climbed nearly 2%. <\/p>\n

On Sept. 1, the Second Business Court of Belo Horizonte, State of Minas Gerais, formalised Samarco’s restructuring plan as part of the ongoing proceedings, BHP said.<\/p>\n

Samarco had struggled to reach an agreement for years with its creditors, who rejected its initial recovery plan in April 2022.<\/p>\n

The reorganisation plan for Samarco allows for the Brazilian miner’s existing financial debt of $4.8 billion to be exchanged for up to $3.7 billion of long-term unsecured debt, BHP said, projecting the conclusion of the reorganisation to occur in the first half of fiscal 2024. <\/p>\n

Samarco’s contribution to fund the reparation will be capped from 2024 to 2030 at $1 billion, while BHP Brasil and Vale will be required to provide funding during this period to the extent that the funding amount required exceeds the $1 billion cap.<\/p>\n

“Samarco is not fully resolved, the court approval only ratifies a certain amount of debt, we are looking to see whether or not that number has increased, the bigger issue is still pending, and going through the courts can take a while,” Glyn Lawcock, an analyst with Barrenjoey said. <\/p>\n

Separately, around 720,000 Brazilians are suing BHP, the world’s biggest miner by market value, over the 2015 collapse of the Fundao dam owned by Samarco. <\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 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 By Roushni Nair (Reuters) -Australian mining giant BHP said on Monday a Brazilian court had approved the reorganisation […]<\/p>\n","protected":false},"author":1,"featured_media":5023,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-56572","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nBHP says Brazilian court approves Samarco debt reorganisation plan | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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