Brazil miner Samarco proposes debt restructuring with 85% haircut – sources

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SAO PAULO — Samarco Mineracao SA, a bankrupt joint venture between Brazilian miner Vale SA and BHP Group Ltd, proposed on Thursday a plan to restructure about 50 billion reais ($10 billion) in debt with an 85% haircut, sources told Reuters.

Samarco filed for bankruptcy protection in April to prevent creditors’ claims from affecting its operations that restarted at the end of 2020, more than five years after a tailings dam collapsed causing one of Brazil’s worst environmental accidents.

(Reporting by Roberto Samora; Editing by Jacqueline Wong)