Samarco obtains extended creditor protection

Reconstruction efforts at Samarco’s Fundão tailings dam in 2017. (Image courtesy of BHP)

Brazilian miner Samarco Mineracao SA, an iron-ore joint-venture between Vale SA and BHP, obtained an extension of its stay period for additional 180 days, according to a court decision on Saturday reviewed by Reuters.

The company had requested an extension of its protection against creditors in order to maintain ongoing talks with bondholders and reach an agreement about its restructuring plan.

Samarco filed for bankruptcy protection in April after failing to restructure 50 billion reais ($9.06 billion) in debt.

($1 = 5.5212 reais)

(By Marta Nogueira and Carolina Mandl; Editing by Dan Grebler)

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