The Brazilian iron ore and pellets producer, Samarco, informed that a civil court in the state of Minas Gerais decreed the termination of its judicial reorganization process.
According to the company, “the recovery measures set forth in the Judicial Reorganization Plan have been successfully implemented in accordance with the established terms, deadlines, and conditions, with most of the actions concluded by early 2024”.
The reorganization enabled Samarco to restructure liabilities exceeding the equivalent to $9.2 billion, across approximately 10,000 creditors, while preserving its operational continuity and maintaining its social and environmental commitments and to the definitive reparation of the impacts related to the Fundão Dam failure.
The 2015 collapse of the Fundão Dam killed 19 people and is regarded as Brazil's largest environmental disaster.