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

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    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
 
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