Creditors of Vale-BHP Brazil Venture Reject Restructuring Plan

Creditors of Samarco Mineracao SA, an iron-ore producer jointly owned by Vale SA and BHP Group Ltd, voted on Monday to reject a plan proposed by the company to restructure 50.5 billion reais ($10.8 billion) in debt.

A group of bondholders will now have 30 days to present an alternative restructuring plan for the mining company, which will likely include a new controlling shareholder group to take the reins in the event of its approval, as anticipated in a statement in December. The ad hoc group has been working on the plan with former Chief Executive Officer of ...