BHP Stock Up As Brazilian Court Ratifies Samarco JV's Judicial Reorganisation Plan
(RTTNews) - Shares of BHP Group Limited (BHP.AX, BLT.L, BBL, BHP) traded higher in London as well as in Australia after a Brazilian court approved the mining giant's plans to reorganize its Samarco Minerao S.A. joint venture.
Samarco is owned 50 percent by BHP Billiton Brasil Ltda and 50 percent by Vale S.A (VALE). In April 2021, Samarco had filed for judicial reorganisation or JR with the Commercial Courts of Belo Horizonte, State of Minas Gerais, Brazil after multiple enforcement actions by certain financial creditors which threatened Samarco's operations.
BHP now noted that on September 1, the Second Business Court of Belo Horizonte, Brazil ratified the JR Plan of Samarco as part of the ongoing Samarco JR proceedings.