March 10, 2022
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
Creditors oppose a 75% haircut and claim converting debt into shares does not give them voting rights