Investors to aid Brazilian iron ore company under bankruptcy protection

Thursday, 01 April 2021 20:52:34 (GMT+3)   |   San Diego
       

Two investors, including Rubican Capital Partners and China Development Integration Limited, have signed a contract with Brazilian iron ore company MMX to help aid it, MMX said.

Two MMX subsidiaries, MMX Sudeste and MMX Corumbá Mineração, also signed the contract.

Under the signed term sheet, MMX would issue bonds through DIP financing. DIP financing is a funding provided to companies that filed for the US-equivalent Chapter 11 bankruptcy protection. The investors agree to buy up to $50 million in bonds, which account for part or all the bonds.

The investors will also decide where the money raised will be spent.

MMX and MMX Corumbá can either use the proceeds to pay creditors or develop its Bom Sucesso iron ore mine.

The agreement with the two investors aims to help MMX get back on the iron ore business.


Similar articles

Net profit declines at Vale in Q1 2024

25 Apr | Steel News

Iron ore imports to Mexico grow 110 percent in February

25 Apr | Steel News

Iron ore prices edge up week on week, further movement awaited after May Day holiday

25 Apr | Scrap & Raw Materials

Major steel and raw material futures prices in China – Apr 25, 2024 

25 Apr | Longs and Billet

Fortescue posts record monthly iron ore shipments in March

25 Apr | Steel News

Daily iron ore prices CFR China - April 24, 2024

24 Apr | Scrap & Raw Materials

Anglo American’s iron ore output up 9.4 percent in Q1

24 Apr | Steel News

Ferrexpo records best quarterly performance since invasion of Ukraine

24 Apr | Steel News

Major steel and raw material futures prices in China – Apr 24, 2024 

24 Apr | Longs and Billet

Brazilian high-grade iron ore price declines week-on-week

23 Apr | Scrap & Raw Materials