Brazil court ratifies BHP Brazil JV debt restructure plan

by | Sep 4, 2023

(Sharecast News) – A Brazilian court has approved the reorganisation plan for BHP’s Samarco joint venture, meaning it can restructure its $3.7bn debt, the Australian mining giant said on Monday.

Samarco, an iron ore miner that is equally owned by BHP and Brazil’s Vale, needs to regorganise its finances after being forced to pay compensation for damage caused by a 2015 dam collapse that killed 19 people.

The plan for allows Samarco to swap its existing debt of $4.8bn for up to $3.7bn of long-term unsecured debt, BHP said.

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

Reporting by Frank Prenesti for

Related articles

Ryanair passenger numbers jump 9% in December

Ryanair passenger numbers jump 9% in December

(Sharecast News) - Budget airline Ryanair reported a 9% jump in December passenger numbers on Wednesday. Traffic rose to 12.54 million from 11.52m in the same month a year earlier, while the load factor - which gauges how full the planes are - ticked down to 91% from...

Wizz Are passenger numbers soar in December

Wizz Are passenger numbers soar in December

(Sharecast News) - Hungary-based budget airline Wizz Air reported a strong rise in December passenger numbers as demand continued to rebound from the Covid pandemic. The company on Wednesday said it carried 4,964,857 passengers, an 18.8% increase year on year. For the...

Trending stories

Join our mailing list

Subscribe to our mailing list to receive regular updates!