A Brazilian court has maintained the bankruptcy of both MMX Mineração Sudeste Mineração, and its holding company, MMX, the latter said this week in a document filing.
As previously reported by SteelOrbis earlier this month, a Minas Gerais state court had declared bankruptcy for MMX Sudeste Mineração, which is the equivalent in Brazil to US Chapter 11.
MMX said at the time it depended on its subsidiary, MMX Sudeste Mineração, to carry out its own bankruptcy protection plan. As a result of this week’s court decision, which maintained the previous court’s order, MMX said it will appeal again.
MMX said that a petition presented by China Development Integration Limited (CDIL), which reportedly would invest to aid the company, didn’t change MMX Sudeste and MMX’s fate. As reported by SteelOrbis, a Brazilian investors association labeled the reported CDIL “investment” as “fake.”