Creditors in Brazil miner Samarco oppose restructuring plan [Reuters]
VALE S.A. American Depositary Shares Each Representing one common share (VALE)
Last vale s.a. american depositary shares each representing one common share earnings: 4/29 04:02 pm
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Source: Reuters
FILE PHOTO: A view of the Samarco mine, owned by Vale SA and BHP Billiton Ltd, in Mariana, Brazil, April 12, 2016. REUTERS/Washington Alves/File Photo Creditors said the plan's main goal is to protect Samarco's giant shareholders, Vale and BHP, and reduce future payments to creditors. They also rejected Samarco's offer to apply an 85% haircut to all creditors, including shareholders Vale and BHP, which extended 24 billion reais in loans to the company. Payments would occur in 2041. Creditors said both Vale and BHP, as shareholders, should be paid only after all other creditors fully recover their money. They also questioned if both giant companies should recover any value as creditors consider that both miners are co-debtors. They also refused Samarco's offer to swap their debt into shares in the company. “It is unacceptable that a restructuring plan of a company controlled by the world's biggest miners outlines an outright (and illegal) debt forgiveness to create value for
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VALE
Earnings
- 4/24/24 - Miss
VALE
Sec Filings
- 4/25/24 - Form 6-K
- 4/25/24 - Form 6-K
- 4/25/24 - Form 6-K
- VALE's page on the SEC website