# Braskem ownership and debt restructuring > Live situation record from CLSTR: https://clstr.news/situations/braskem-ownership-and-debt-restructuring > Updated: 2026-08-31T18:58:15.000Z. Sources: 85. Developments: 6. In early July 2026, a São Paulo court approved IG4 Capital’s purchase of a controlling stake in Brazilian petrochemical company Braskem, clearing the way for a new shareholder structure. By late July, Braskem faced a stalemate with roughly one-third of its creditor base, jeopardising a formal judicial recovery. A 60-day protective injunction in Brazil halted about R$ 2.7 billion in payments while negotiations continued. Some creditors offered fresh financing secured by nearly all of Braskem’s assets, but the proposal was opposed by the controlling shareholders and banks, who argued the firm was already over-leveraged. Concurrently, New-York-based funds linked to Bracebridge Capital initiated litigation in the United States to separate the restructuring of Braskem America Finance from the Brazilian plan. On August 24, Braskem, now controlled by IG4 Capital and Petrobras, filed for extrajudicial recovery in São Paulo to restructure approximately R$ 54–56 billion (US$ 10.9 billion) in debt. The company stated the move aims to provide a “stable legal environment for negotiations” and emphasized that the process is “strictly financial in scope,” meaning existing obligations to suppliers, customers, and environmental indemnities remain unchanged. On August 28, the 2nd Bankruptcy and Judicial Recovery Court approved the processing of Braskem’s extrajudicial recovery plan. This decision includes a 120-day suspension of executions brought by creditors subject to the process, covering actions related to included credits, bankruptcy filings, and asset seizures. The final plan may involve converting some debt into equity, with major shareholders IG4 and Petrobras potentially providing liquidity support. To support operations, Petrobras expanded its commercial credit limit for Braskem from R$ 350 million to R$ 2.35 billion. This agreement, valid until the end of 2026, includes security mechanisms such as the fiduciary assignment of Braskem’s customer receivables, estimated at approximately R$ 1 billion per month. ## Claims - The company's debt is estimated at approximately R$ 54 billion (US$ 10 billion). (disputed by 30 sources) - The company's debt is approximately US$ 10.9 billion. (disputed by 15 sources) - The filing provides 90 days of protection against debt collection. (disputed by 10 sources) - The São Paulo Court ratified a 120-day suspension of all ongoing executions against Braskem and its subsidiaries for creditors subject to the extrajudicial recovery. (disputed by 2 sources) - Braskem filed for extrajudicial recovery on August 24. (corroborated by 37 sources) - The extrajudicial recovery process is strictly financial and does not affect obligations to suppliers, customers, or other stakeholders. (corroborated by 18 sources) - Bondholders hold approximately US$ 7 billion of the company's debt. (corroborated by 9 sources) - Braskem obtained the support of one-third of its creditors to file the request. (corroborated by 7 sources) - Major creditors include Banco do Brasil, BNDES, Itaú Unibanco, Bradesco, and Santander. (corroborated by 6 sources) - Braskem is controlled by IG4 Capital and Petrobras. (corroborated by 5 sources) ## Timeline ### 2026-08-31: Braskem shares surge as Petrobras expands credit line to R$ 2.35 billion Braskem shares surged after Petrobras expanded a credit line to R$ 2.35 billion to fund raw material purchases amid the company's US$ 10.9 billion debt restructuring efforts. 3 sources. https://clstr.news/cluster/braskem-shares-surge-as-petrobras-expands-credit-line-to-r-235-billion ### 2026-08-28: Braskem and GPA pursue extrajudicial debt recovery in Brazil Braskem's US$ 10.9 billion debt reorganization has been approved by a São Paulo court, while retailer GPA is contesting opposition from the Public Ministry regarding its own recovery plan. 5 sources. https://clstr.news/cluster/braskem-and-gpa-pursue-extrajudicial-debt-recovery-in-brazil ### 2026-08-26: Braskem files for extrajudicial recovery to restructure US$ 10.9 billion in debt Braskem has filed for extrajudicial recovery to restructure US$ 10.9 billion in debt. A São Paulo court approved the request, suspending creditor executions for 120 days while Petrobras provides R$ 2.35 billion 17 sources. https://clstr.news/cluster/braskem-files-for-extrajudicial-recovery-to-restructure-us-10-billion-debt-2 ### 2026-08-24: Braskem seeks extrajudicial recovery to restructure US$ 10.9 billion debt Braskem has filed for extrajudicial recovery to restructure approximately US$ 10.9 billion in debt, stating the process is strictly financial and will not affect suppliers, customers, or Maceió environmental赔偿. 74 sources. https://clstr.news/cluster/braskem-files-for-extrajudicial-recovery-to-restructure-us-10-billion-debt ### 2026-07-28: Braskem faces creditor deadlock amid restructuring and US Chapter 15 dispute Braskem struggles to secure creditor consensus on its debt overhaul, while U.S. lenders push to carve out Braskem America Finance from the Chapter 15 protection, risking a separate Chapter 11 filing. 2 sources. https://clstr.news/cluster/braskem-faces-creditor-deadlock-amid-restructuring-and-us-chapter-15-dispute ### 2026-07-08: São Paulo court clears IG4 Capital's acquisition of Braskem control Brazil's São Paulo court denied Banco Safra's attempt to block the sale of 34.3% of Braskem to IG4 Capital's FIP Shine, allowing a R$2.8 bn deal amid a R$60 bn debt restructuring. 2 sources. https://clstr.news/cluster/so-paulo-court-clears-ig4-capitals-acquisition-of-braskem-control --- Cite as: Braskem ownership and debt restructuring. CLSTR, https://clstr.news/situations/braskem-ownership-and-debt-restructuring