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Braskem S.A. announced that the 2nd Bankruptcy and Judicial Reorganization Court of São Paulo has granted processing…
BAKBraskem SA
Braskem S.A. announced that the 2nd Bankruptcy and Judicial Reorganization Court of São Paulo has granted processing to its extrajudicial reorganization proceeding for the company and certain subsidiaries. The court ratified a 120-day suspension of all ongoing enforcement proceedings, lawsuits, and asset seizures against petitioners by creditors subject to the reorganization. Braskem has 90 days to demonstrate that the required quorum for confirmation of the extrajudicial reorganization plan has been reached. This legal restructuring marks a critical juncture for the company as it seeks to resolve creditor claims and stabilize its operations amidst significant financial distress. Braskem S.A. operates in the petrochemical industry, producing plastics, chemicals, and derivatives primarily in Brazil.