Brazilian court revokes decision that declared bankruptcy for MMX Sudeste

Brazilian court revokes decision that declared bankruptcy for MMX Sudeste

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A business court in the state of Minas Gerais, Brazil has suspended a decision that declared bankruptcy for MMX Sudeste Mineração, a subsidiary of holding company MMX.

The decision comes just a few days after another court had maintained an existing decision that declared bankruptcy for both MMX Sudeste Mineração and its holding company, MMX. The bankruptcy in Brazil is similar to the Chapter 11 in the US.

The business court said the later court didn’t give MMX Sudeste Mineração enough time to understand the allegations of the legal administrator, which claimed the company failed to meet its bankruptcy protection plan.

MMX said there’s room for another appeal, which could again put MMX Sudeste under bankruptcy, as done by the other previous courts.

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