October 24, 2016 / 11:37 PM / 2 years ago

Brazil's Samarco misses second bond interest payment in a month

SAO PAULO, Oct 24 (Reuters) - Samarco Mineração SA, the Brazilian iron ore mining joint venture that suspended operations in November following a dam disaster, on Monday said it had missed a $20 million interest payment related to a senior unsecured bond due in 2023.

The payment on the $700 million bond was due on Monday and the company has 30 days to remedy the situation, according to a statement on the company’s website.

This is the second bond payment that the company has missed in the space of a month. On Sept. 26, the joint venture owned by Vale and BHP Biliton Ltda did not pay around $13.5 million related to a $500 million bond obligation due in 2024.

“Samarco continues to explore options to restructure its debt,” according to the statement.

Samarco has $2.2 billion in outstanding bond obligations and about $1.6 billion of bank loans. Samarco faces about $54 million in interest payments on three bonds through November. (Reporting by Ana Mano; Editing by Andrew Hay)

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