Samarco’s creditors reject latest debt restructuring proposal (NYSE:VALE)

Samarco’s creditors reject latest debt restructuring proposal (NYSE:VALE)

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Creditors of the Samarco iron ore joint venture between Vale (NYSE:VALE) and BHP (BHP) rejected the debt restructuring plan presented by the company at an online meeting of creditors held Monday.

Creditors are expected to present an alternative plan within 30 days to restructure the JV’s 50.5B reais debt; the group said they will propose mining executive Tito Martins to lead Samarco and that the company’s restructuring plan “underestimated” production capacity.

Samarco has been in judicial recovery since April 2021 and the vote on the plan already was postponed twice.

“Vale has a great opportunity to be the primary ore and mineral supplier for most of the west,” Sandis Weil writes in a bullish analysis published on Seeking Alpha.

Originally Posted on: https://seekingalpha.com/news/3824089-samarcos-creditors-reject-latest-debt-restructuring-proposal?source=feed_tag_commodities
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