Brazil Judge Widens Samarco’s Bankruptcy Protection for 180 Days

The bankruptcy protection period for Samarco Mineracao - also known as stay period, in which creditors are prevented from seizing assets or filing lawsuits to collect debts - was extended again, taking into account the rejection of the judicial reorganization plan and the 30-day period that creditors were granted to file an alternative plan.

• In his decision, the bankruptcy judge stresses the urgency of Samarco’s situation before courts, including international jurisdictions, “in which it is faced with the possible resumption of numerous lawsuits that can have a very negative impact on his business life”
• NOTE: Creditors of Vale-BHP Brazil Venture ...