April 9, 2021, 8:07 PM
Samarco Mineracao, Vale‘s joint venture with BHP Billiton Brasil, filed a request for bankruptcy protection on Friday with one of the Corporate Courts of Belo Horizonte city, Minas Gerais state, Vale said in a statement.
- Filing is necessary to prevent actions already initiated by creditors from affecting Samarco’s capacity to produce, ship, receive money for their exports and finance normal course of activities, according to the statement
- The request does not impact the fulfillment of the repair commitments assumed due to rupture of Fundao dam, note says
- Much of Samarco’s financial debt to unrelated parties, of about $4.7b, was contracted…