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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