Brazil court ratifies BHP Brazil JV debt restructure plan
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A Brazilian court has approved the reorganisation plan for BHP's Samarco joint venture, meaning it can restructure its $3.7bn debt, the Australian mining giant said on Monday.
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Samarco, an iron ore miner that is equally owned by BHP and Brazil's Vale, needs to regorganise its finances after being forced to pay compensation for damage caused by a 2015 dam collapse that killed 19 people.
The plan for allows Samarco to swap its existing debt of $4.8bn for up to $3.7bn of long-term unsecured debt, BHP said.
Samarco's contribution to fund the reparation will be capped from 2024 to 2030 at $1bn, while BHP Brasil and Vale will be required to provide funding during this period to the extent that the funding amount required exceeds the $1bn cap.
Reporting by Frank Prenesti for Sharecast.com