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On Sept. 1, the Second Business Court of Belo Horizonte, State of Minas Gerais, formalised the restructuring plan of Samarco as part of the ongoing proceedings, BHP said.
The reorganisation plan for Samarco, which is 50% owned by BHP and 50% by Vale, allows for the Brazilian miner’s existing financial debt to be exchanged for up to $3.7 billion of long-term unsecured debt, BHP said.
“The new long-term debt will remain non-recourse to Samarco’s shareholders, BHP Brasil and Vale,” BHP said in a statement.
The planned restructuring, which also includes payments to employees and suppliers, is projected to conclude in the first half of fiscal 2024, the company said.
