Brazilian iron ore company MMX, which currently has a bankruptcy protection plan pending, must pay $625.2 million (BRL 3.45 billion) in unpaid taxes, according to a ruling from a federal court in the state of Rio de Janeiro.
MMX said the court debt execution order is for unpaid revenue taxes (IRPJ), social taxes over profits (CSLL), and taxes related to the sale of a 30 percent share of then Minas-Rio project to Anglo American.
MMX said it is currently studying the best way to protect its interests and that of its shareholders, so it can maintain its bankruptcy protection plan. The company said such a debt execution demand would have an impact on both the company’s business and its bankruptcy protection plan.