(Adds details)
Bondholders of bankrupt miner Samarco Mineracao SA rejected the company's new restructuring proposal in a court document filed on Monday.
Asset managers including Citadel, Maple Rock, Moneda, Oaktree and Solus said in the document filed by its lawyers the new proposal by the joint venture of Vale SA VALE3.SA and BHP Group BHPB.L "only benefits shareholders".
Bondholders complain of the 75% haircut on the credit's face value and say the alternative of transforming their debt into equity will not give voting rights when creditors become shareholders.
A creditors assembly to vote on the plan is scheduled for Thursday. The alternative of debt-to-equity conversion is also rejected by bondholders, the document says, because after a 55 billion reais ($10.8 billion) loss last year, Samarco is blocked from paying dividends.
If the company's proposal is rejected, bondholders may present an alternative plan.
($1 = 5.0812 reais)
(Adds details) Bondholders of bankrupt miner Samarco Mineracao...
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Last
$39.64 |
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Mkt cap ! $201.3B | |||
| Open | High | Low | Value | Volume |
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