Bondholders reject Samarco recovery plan

Bondholders reject Samarco recovery plan

Corporate & Sovereign Strategy Debt Bonds Brazil Australia United States Canada

Bondholders have rejected a recovery plan from bankrupt mining company Samarco Mineração, a joint venture between Vale and BHP Billiton, saying the proposal prizes shareholders over creditors, according to press reports. Samarco's bondholders oppose a 75% cut in the debt's face value and claim that converting the debt into shares does not give them voting rights, press said, citing a legal document filed on Monday. The complainants include Citadel, Golden Tree, Maple Rock, Moneda, Oaktree, Silve

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