SAO PAULO, May 19 (Reuters) - Two unions representing employees of the miner Samarco Mineracao SA has filed a restructuring plan for the company, according to a source with knowledge of the matter.
The plan is supported by current shareholders in Samarco, Vale SA VALE3.SA and BHP Group BHPB.L (BHP) , and is similar to the previous plan proposed by Samarco and rejected by bondholders.
The union group's plan includes a two-year job stability clause to Samarco employees. The debt-for-equity swap is similar to what Samarco had offered previously to financial creditors. Samarco and BHP will continue to be controlling shareholders.
The source, which asked for anonymity to disclose private talks, said employees were afraid of control changes at Samarco and potential layoffs.
Financial creditors presented their proposal on Wednesday, proposing a debt-for-equity swap that would change Samarco control.
The employees' proposal also adds the payment of "extraordinary dividends" to financial creditors of a share of additional cash flow generated if the miner can accelerate production ramp-up.
It's still unclear how the bankruptcy court will proceed after the filing of two different plans, one by the unions and another by bondholders, since Samarco's last restructuring plan was rejected by creditors. The union plan was filed under seal but will become public on Thursday.
The plan is supported by the employees and by 935 unsecured creditors with a total credit volume of around $5 million.
SAO PAULO, May 19 (Reuters) - Two unions representing employees...
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