Creditors of Brazilian miner Samarco Mineracao SA have suspended their assembly to reconvene on April 1 after the company presented a new restructuring plan on Thursday.
Samarco, a joint venture between Vale SA and BHP Group PLC, changed its restructuring plan to offer a new alternative to pay creditors, hybrid bonds that will distribute part of Samarco’s cash flow.
The company did not change other conditions in the plan, such as the 75% haircut over the bonds face value. Bondholders, that had rejected Samarco’s previous proposal, have agreed late on Thursday to suspend the assembly to analyze the new proposal and reconvene on April 1 to vote.
If the new proposal is rejected, creditors may present an alternative plan.
(By Tatiana Bautzer; Editing by Edmund Blair and David Gregorio)
Comments