Samarco, creditors to discuss restructuring proposals on June 21

SAO PAULO, June 14 (Reuters) – The judge overseeing Brazilian miner Samarco Mineracao's bankruptcy has scheduled a mediation hearing between the company, shareholders Vale SA and BHP Group and creditors to hammer out a restructuring agreement.

Creditors rejected the company's last proposal on April 18 and filed an alternative plan a month later, in which a debt-for-equity swap would turn them into Samarco's controlling shareholders.

Unions representing employees presented another plan on May 19, with Samarco and its shareholders' support.

Judge Adilon Claver de Resende said the mediation hearing aims to find middle ground between the proposals. It has not yet been decided how the restructuring would proceed with the two competing plans. (Reporting by Tatiana Bautzer; Editing by Kirsten Donovan)

By Matt Earle

Matthew Earle is the Founder of MiningFeeds. In 2005, Matt founded MiningNerds.com to provide data and information to the mining investment community. This site was merged with Highgrade Review to form MiningFeeds. Matt has a B.Sc. degree with a minor in geology from the University of Toronto.

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