[REVISION HISTORY]

Braskem ownership and debt restructuring

Updated 14 times since CLSTR started tracking revisions of this situation.

What changed

2026-10-25 01:01 UTC → 2026-10-29 08:51 UTC · added ~~removed~~

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. On August 28, the 2nd Bankruptcy and Judicial Recovery Court approved the processing of the plan, including a 120-day suspension of creditor executions. To support operations, Petrobras expanded its commercial credit limit for Braskem from R$ 350 million to R$ 2.35 billion, backed by guarantees such as the fiduciary assignment of receivables. Braskem clarified that this process is strictly financial and will not impact its obligations regarding the Maceió environmental crisis, for which it has provisioned R$ 18 billion. By late September, the restructuring faced new hurdles. A São Paulo court issued a preliminary injunction blocking Braskem from transferring approximately US$ 486 million to its Mexican joint venture, Braskem Idesa, following creditor concerns regarding capital depletion. Additionally, the Public Ministry of the State of São Paulo requested a judicial administrator to oversee the recovery, citing the lack of a definitive economic plan. In late October 2026, negotiations continued without a final agreement.

Versions

Only revisions since CLSTR began indexing content versions appear here. Select a version to see what changed compared to the one before it.