Vale, BHP JV Samarco obtains extended creditor protection

By Kitco News / October 11, 2021 / www.kitco.com / Article Link

RIO DE JANEIRO, Oct 11 (Reuters) - Brazilian miner SamarcoMineracao SA, an iron-ore joint-venture between Vale SA and BHP , obtained an extension of its stayperiod for additional 180 days, according to a court decision onSaturday reviewed by Reuters.The company had requested an extension of its protectionagainst creditors in order to maintain ongoing talks withbondholders and reach an agreement about its restructuring plan.Samarco filed for bankruptcy protection in April afterfailing to restructure 50 billion reais($9.06 billion) indebt.($1 = 5.5212 reais) (Reporting by Marta Nogueira, in Rio de Janeiro; writing byCarolina Mandl in Sao Paulo; Editing by Dan Grebler) 97116-3806;)) Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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