Ambatovy Minerals Société Anonyme and Dynatec Madagascar Société Anonyme - Restructuring Plan

Ambatovy Minerals Société Anonyme and Dynatec Madagascar Société Anonyme, which operate the Ambatovy nickel project in Madagascar, have filed an English restructuring plan.

The companies are majority owned by Japanese Sumitomo Corporation, which has stated that the filing is part of the company’s effort to ensure the stable and efficient operation of the project and not a liquidation process.

The Ambatovy project has resulted in an accumulated loss of 410 billion yen (approximately $2.8 billion) for Sumitomo, including a total impairment loss of 265.5 billion yen (approximately $1.8 billion) to date.

Sullivan & Cromwell are representing the companies.