SAO PAULO, (Reuters) – Creditors at Samarco Mineracao SA in Brazil, a joint venture between Vale SA and BHP Billiton, rejected Monday’s debt restructuring plan submitted by the company during an online creditors meeting.

Within 30 days, creditors are expected to propose an alternative plan for debt restructuring. Representatives representing 99.3% unsecured creditors rejected the plan. However, smaller creditors of different classes voted in favor of the company’s plan.

Brazilian law allows for creditors to devise an alternative plan. This is in addition to the previous requirement that liquidation be taken if creditors reject a company’s restructuring plan.

The creditors stated that they would propose Tito Martins, a mining executive to head Samarco and bring the company “back towards growth.” Creditors claimed that Samarco’s production capacities were under-estimated in the restructuring plan.

Samarco released a statement saying that creditors to financial institutions must take into account the interests all parties and not just financial returns.

BHP and Shareholders Vale have requested permission to vote on the proposal by creditors. However, the bankruptcy court is yet to rule on this matter.