Creditors of bankrupt miner Samarco Mineracao SA, a joint venture between Vale SA and BHP Group Plc, objected to the company's restructuring plan on Thursday, according to a court document, Reuters reported. Creditors said the plan's main goal is to protect Samarco's giant shareholders, Vale and BHP, and reduce future payments to creditors. They also rejected Samarco's offer to apply an 85% haircut to all creditors, including shareholders Vale and BHP, which extended 24 billion reais in loans to the company. Debt payments to creditors would occur in 2041.
Petroleo Brasileiro SA raised about $2.3 billion through the sale of its remaining stake in Brazil’s largest fuel distributor in the biggest equity transaction in Latin America this year, Bloomberg reported. Petrobras, as the company is known, fully exited Petrobras Distribuidora SA in an offering that priced at 26 reais ($5.23) a piece, according to company filings. The sale is part of a broader plan from the oil giant to exit non-core businesses, cut debt and focus on deep-water projects. The downsizing is also part of the government’s strategy to divest state-run assets.