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Braskem files for extrajudicial recovery to restructure US$ 10 billion debt FAST-MOVING
Braskem, the petrochemical company controlled by IG4 Capital and Petrobras, has filed for extrajudicial recovery in São Paulo to restructure approximately R$ 54 billion (US$ 10 billion) in debt. The filing, made on August 24, provides the company with 90 days of protection against creditors while it negotiates a definitive restructuring plan.
The company's debt includes roughly US$ 7 billion held by international bondholders, a group that has shown resistance to initial proposals. Major banking creditors involved in the negotiations include Banco do Brasil, BNDES, Itaú Unibanco, Bradesco, and Santander. The move follows a credit rating downgrade to 'RD' by Fitch Ratings in August.
Additionally, the restructuring process involves Braskem's Mexican subsidiary, Braskem Idesa, which is currently undergoing Chapter 11 proceedings in the United States. Braskem has indicated that the goal is to achieve a consensual negotiation to establish a sustainable capital structure.
Entities
BNDES · Banco do Brasil · Braskem · IG4 Capital · Petrobras
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
- [● 3 SOURCES] Major creditors include Banco do Brasil, BNDES, Itaú Unibanco, Bradesco, and Santander. www.diariodocentrodomundo.com.br · www.moneytimes.com.br · veja.abril.com.br
- [● 6 SOURCES] The company's debt is estimated at approximately R$ 54 billion (US$ 10 billion). www.diariodocentrodomundo.com.br · www.moneytimes.com.br · pipelinevalor.globo.com · tnonline.uol.com.br · www.terra.com.br · +1 more
- [● 6 SOURCES] Braskem filed for extrajudicial recovery on August 24. www.diariodocentrodomundo.com.br · www.moneytimes.com.br · pipelinevalor.globo.com · tnonline.uol.com.br · www.terra.com.br · +1 more
- [● 2 SOURCES] Braskem Idesa, a Mexican subsidiary, is undergoing Chapter 11 proceedings in the US. tnonline.uol.com.br · www.terra.com.br
- [● 4 SOURCES] 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
- [● 4 SOURCES] Bondholders hold approximately US$ 7 billion of the company's debt. www.moneytimes.com.br · pipelinevalor.globo.com · tnonline.uol.com.br · www.terra.com.br
- [● 2 SOURCES] Braskem is controlled by IG4 Capital and Petrobras. www.moneytimes.com.br · pipelinevalor.globo.com