Brazilian miner Samarco, a joint venture between Vale and BHP, has received court approval from a Minas Gerais state court to exit bankruptcy protection proceedings. This marks a significant milestone in the aftermath of the 2015 dam collapse.
The bankruptcy process allowed Samarco to reorganize over 50 billion reais, equivalent to approximately $9.28 billion, in liabilities. This reorganization involved around 10,000 creditors, providing a path forward for the company.
For Vale, the exit of Samarco from bankruptcy protection is a positive development, as it resolves a major financial and legal issue for its joint venture. This outcome reduces Vale's indirect exposure to the bankruptcy proceedings and contributes to greater stability for the Samarco operations, which had been halted for several years.
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