Pellet producer Samarco files for bankruptcy protection

Brazilian iron ore pellet producer Samarco, a 50:50 joint venture between Vale and BHP, on Friday April 9 filed a petition for bankruptcy protection under a Brazilian court as a "last resort" to restructure its liabilities, both parent companies said.

Samarco filed the petition in a commercial court in Brazil's southeastern Minas Gerais state.
If the petition is accepted by the presiding judge, actions and executions brought by Samarco's creditors in Brazil are temporarily suspended, and Samarco has up to 60 days to present a restructuring plan for its debts and other obligations, according to Vale.

In addition, Samarco will apply for recognition of the...

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