Brazilian holding company MMX Mineração has filed an appeal at a Brazilian court to reverse a court decision that declared bankruptcy for both MMX Mineração and its iron ore subsidiary, MMX Corumbá, the company said this week.
The company said both MMX Mineração and MMX Corumbá meet the criteria for bankruptcy protection, and that a court has failed to recognize it. MMX Mineração had another court declare bankruptcy for its other iron ore business, MMX Sudeste.
However, a Minas Gerais state court has recently accepted MMX Mineração’s claims that it didn’t have a chance to defend itself and has suspended bankruptcy for MMX Sudeste.
MMX Mineração seeks courts to approve its bankruptcy protection plan for the holding itself and its other businesses.