[REVISION HISTORY]

Braskem ownership and debt restructuring

Updated 8 times since CLSTR started tracking revisions of this situation.

What changed

2026-08-28 20:29 UTC → 2026-08-31 23:52 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. 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. ~~To facilitate raw material purchases, Petrobras expanded its commercial credit limit for Braskem from R$ 350 million to R$ 2.35 billion.~~ 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. ~~Despite these developments, challenges persist. As~~ 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 ~~late August,~~ 2026, includes security mechanisms such as the ~~company reported an adhesion rate~~ fiduciary assignment of ~~39.6% among included credits, requiring more than 50% for ratification.~~ Braskem’s customer receivables, estimated at approximately R$ 1 billion per month.

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