Brazil's Samarco misses bond payment, has 30-day remedy period

Samarco Mineração, the Brazilian iron-ore mining joint venture that suspended operations in November following a dam disaster, missed an interest payment on a $500-million bond that was due on Monday, trustee Bank of New York Mellon said. As a result, Samarco will have 30 days to make the payment, or else investors holding at least 25% of the $500-million bond could declare the principal due immediately, according to contractual terms of the 5.37% security due in September 2024.