off-the-wire

Samarco gets court approval to exit bankruptcy proceedings

Kitco Media
By Reuters
Published:
Updated:
Reuters
Samarco gets court approval to exit bankruptcy proceedings teaser image

Brazilian miner Samarco, a joint venture between Vale and BHP, has received approval from a court in Minas Gerais state to exit bankruptcy protection proceedings, it said in a statement on Tuesday.

The process allowed Samarco to reorganize more than 50 billion reais ($9.28 billion) in liabilities involving around 10,000 creditors, the statement said. The proceedings were triggered by a 2015 dam collapse near the Brazilian city of Mariana which halted operations for several years.

($1 = 5.3896 reais)

(By Marta Nogueira and Isabel Teles; Editing by Kylie Madry)

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