A Rio de Janeiro state court approved the request of Brazilian iron ore producer MMX, which filed for bankruptcy protection in November in an attempt to recovery the company, it announced this week.
According to the court decision, the request was accepted, following the approval of public prosecutors; bankruptcy protection aims to help a company overcome a crisis, allowing it to continue producing and keeping its jobs.
The approval of MMX’s request for bankruptcy protection also includes MMX Corumba, another iron ore unit. A third group’s company, MMX Sudeste, has been under bankruptcy protection since 2014.