Financing ·
Braskem S.A. and six affiliated entities filed an extrajudicial restructuring plan in Brazil on August 24, 2026, to…
BAKBraskem SA
Braskem S.A. and six affiliated entities filed an extrajudicial restructuring plan in Brazil on August 24, 2026, to address a significant liquidity crisis driven by prolonged petrochemical industry downturns and geopolitical volatility. The filing seeks judicial confirmation of a standstill agreement with signatory creditors holding over one-third of subject claims, suspending debt enforceability for 90 days to facilitate negotiations for an updated plan. Concurrently, the company obtained preliminary relief under Chapter 15 of the U.S. Bankruptcy Code in the Southern District of New York on June 26, 2026, to recognize the Brazilian proceedings. The restructuring aims to restructure unsecured financial debt through maturity extensions, potential payment-in-kind interest, and possible equity contributions from main shareholders Petrobras and Shine I Fundo de Investimento. Braskem operates in the petrochemical industry as the largest producer of thermoplastic resins in the Americas.