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Braskem seeks extrajudicial recovery to restructure US$ 10.9 billion debt
Braskem, a major petrochemical company, has approved a request for extrajudicial recovery to restructure approximately US$ 10.9 billion (roughly R$ 56 billion) in debt. The company's board of directors authorized the filing to establish a stable legal environment for negotiating with creditors and implementing a restructuring plan.
The company clarified that the process is strictly financial and will not affect its obligations to suppliers, customers, or other stakeholders. Furthermore, Braskem stated that the recovery process will not impact the payment of indemnities or commitments related to the environmental disaster in Maceió caused by salt mine extraction.
Major creditors include The Bank of New York Mellon, which holds R$ 19 billion in debt, followed by international bondholders and banks such as Crédit Agricole, Santander, Barclays, and Citi. The company's financial position has been pressured by declining margins in the petrochemical sector and costs associated with environmental remediation. Braskem is controlled by Petrobras and IG4 Capital.
Entities
BNDES · Banco do Brasil · Braskem · Braskem Idesa · Fitch Ratings · IG4 Capital · Maceió · Novonor · Petrobras · The Bank of New York Mellon
Claims
What the coverage asserts, and how many sources carry each claim.
- [○ 1 SOURCE] Fitch Ratings downgraded Braskem's credit rating to 'RD' in August. www.diariodocentrodomundo.com.br
- [● 6 SOURCES] Major creditors include Banco do Brasil, BNDES, Itaú Unibanco, Bradesco, and Santander. www.diariodocentrodomundo.com.br · www.moneytimes.com.br · mundorh.com.br · arapiracanews.com.br · www.vitrinedocariri.com.br
- [DISPUTED] The company's debt is estimated at approximately R$ 54 billion (US$ 10 billion). www.diariodocentrodomundo.com.br · www.moneytimes.com.br · tnonline.uol.com.br · www.terra.com.br · arapiracanews.com.br · +16 more
- [● 37 SOURCES] Braskem filed for extrajudicial recovery on August 24. www.diariodocentrodomundo.com.br · www.moneytimes.com.br · tnonline.uol.com.br · www.terra.com.br · arapiracanews.com.br · +19 more
- [DISPUTED] The filing provides 90 days of protection against debt collection. www.diariodocentrodomundo.com.br · www.moneytimes.com.br · tnonline.uol.com.br · www.terra.com.br · arapiracanews.com.br · +2 more
- [● 14 SOURCES] Braskem has filed for extrajudicial recovery to renegotiate approximately US$ 10.9 billion in debt. tnonline.uol.com.br · www.terra.com.br · defatoonline.com.br · tribunadepetropolis.com.br · arapiracanews.com.br · +5 more
- [● 9 SOURCES] Bondholders hold approximately US$ 7 billion of the company's debt. www.moneytimes.com.br · tnonline.uol.com.br · www.terra.com.br · defatoonline.com.br · tribunadepetropolis.com.br · +1 more
- [● 5 SOURCES] Braskem is controlled by IG4 Capital and Petrobras. www.moneytimes.com.br · arapiracanews.com.br · valor.globo.com
- [● 7 SOURCES] Braskem obtained the support of one-third of its creditors to file the request. defatoonline.com.br · amanha.com.br · tribunadepetropolis.com.br · arapiracanews.com.br · imprensapublica.com.br
- [● 15 SOURCES] The extrajudicial recovery process is strictly financial and does not affect obligations to suppliers or customers. www.acordacidade.com.br · fatopaulista.com.br · folhadoleste.com.br · thmais.com.br · jornalenoticias.com.br · +9 more
- [● 13 SOURCES] The company is seeking to restructure approximately US$ 10.9 billion in debt. www.acordacidade.com.br · fatopaulista.com.br · folhadoleste.com.br · thmais.com.br · jornalenoticias.com.br · +6 more
- [● 2 SOURCES] The Bank of New York Mellon is the largest creditor, holding R$ 19 billion in debt. imprensapublica.com.br · arapiracanews.com.br