News: BHP Bhp Group Says Court Ratifies Samarco's Judicial Reorganisation Plan

Sept 4 (Reuters) - BHP Group Ltd (BHP) :

• COURT RATIFIES SAMARCO'S JUDICIAL REORGANISATION PLAN
• ON 1 SEPTEMBER, SECOND BUSINESS COURT OF BELO HORIZONTE RATIFIED JUDICIAL REORGANISATION PLAN OF SAMARCO
• JUDICIAL REORGANISATION IS INSOLVENCY PROCEEDING IN BRAZIL, SAMARCO'S OPERATIONS HAVE CONTINUED DURING JUDICIAL REORGANISATION PROCEEDING
• RESTRUCTURE OF SAMARCO'S DEBT IS EXPECTED TO BE COMPLETED IN FIRST HALF OF FY2024
• FOLLOWING COURT RATIFICATION, NEXT STEPS INCLUDE SAMARCO ENTERING INTO DEFINITIVE DEBT RESTRUCTURE AGREEMENTS WITH CREDITORS TO IMPLEMENT DEBT RESTRUCTURE
• FOLLOWING RATIFICATION, NEXT STEPS WILL INCLUDE SAMARCO ENTERING INTO DEFINITIVE DEBT RESTRUCTURE AGREEMENTS WITH ITS CREDITORS
• NEW LONG-TERM DEBT WILL REMAIN NON-RECOURSE TO SAMARCO'S SHAREHOLDERS, BHP BRASIL AND VALE
• REORGANISATION PLAN CONTAINS TERMS IN SAMARCO'S EXISTING DEBT WILL BE EXCHANGED FOR UP TO US$3.7 BILLION OF LONG-TERM UNSECURED DEBT
• UNDER TERMS OF JUDICIAL REORGANISATION PLAN, SAMARCO'S FUNDING OF RENOVA FOUNDATION WILL BE CAPPED AT US$1 BILLION FOR PERIOD CY2024 TO CY2030
• UNDER TERMS OF JUDICIAL REORGANISATION, SAMARCO'S FUNDING OF RENOVA FOUNDATION WILL BE CAPPED AT US$1 BILLION FOR PERIOD CY2024 TO CY2030
• OUTCOME WILL ENABLE SAMARCO TO ESTABLISH STABLE FINANCIAL POSITION TO REBUILD ITS OPERATIONS AND STRENGTHEN ABILITY TO MEET RENOVA FUNDING OBLIGATIONS
• REORGANISATION WILL NOT IMPACT RENOVA FOUNDATION'S ABILITY TO IMPLEMENT REMEDIATION AND COMPENSATION PROGRAMS UNDER FRAMEWORK AGREEMENT