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[BUSINESS] · Brazil · 74 sources

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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

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Sources

Empresas em alerta [www.jornalmantiqueira.com.br]
Fórum dos Leitores [www.estadao.com.br]