BHP, Vale-Owned Mineral Co. Files Ch. 15 For $9B Debt Reorg
Rick Archer, 20 April 2021
A Brazilian mining joint venture between Vale SA and the BHP Group involved in a 2015 dam disaster Tuesday asked a New York bankruptcy court for Chapter 15 bankruptcy recognition as it attempts to reorganize $8.8 billion in debt in the Brazilian courts.
n its petition late Monday, Samarco Mineração SA asked for the U.S. court’s recognition of the restructuring proceedings it began in the Brazilian courts last week.
Vale and BHP announced April 9 that Samarco Mineração had filed for judicial reorganization in the Brazilian courts as a “last ditch” response to legal actions filed by creditors in the U.S. and Brazil seeking payments on $2.5 billion in debt, and pledged Samarco would continue operating and paying for remediation efforts stemming from the Fundão Dam collapse. Continue reading “Article: BHP, Vale-Owned Mineral Co. Files Ch. 15 For $9B Debt Reorg”
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