Samarco seeks $3.8 billion debt restructuring

Wednesday, 30 January 2019 01:50:31 (GMT+3)   |   Sao Paulo
       

Brazilian pellet producer Samarco, a 50/50 joint venture between Vale and BHP Billiton, is seeking a $3.8 billion debt restructuring with creditors, Vale said this week. Vale said, however, that Samarco has not yet reached a deal with creditors.

Samarco seeks to renegotiate $3.8 billion in debt due in 2022, 2023 and 2024. The debt is related to pre-paid exports contracts, which total $3.8 billion.

Vale said Samarco met with creditors in November 2018, received offers and made counter-offers. According to a document filing made available this week, Samarco  “remains willing to engage” in negotiations to restructure its debt.

The Mariana iron ore dam burst in November 2015 killed 19 people and halted production at Samarco, which has not restarted since.


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