Financing ·
Braskem S.A. filed an amendment to its initial petition requesting judicial processing of an extrajudicial debt…
BAKBraskem SA
Braskem S.A. filed an amendment to its initial petition requesting judicial processing of an extrajudicial debt restructuring plan for six group entities, including Braskem Netherlands and BT&S. The company secured creditor consent representing 39.6% of the subject financial claims, satisfying the one-third quorum required under Brazilian Law No. 11,101/05 to initiate proceedings. The total value of debts subject to restructuring is R$ 56.48 billion, with a combined group debt exposure of R$ 187.07 billion including intercompany obligations. Braskem has committed to obtaining majority creditor approval within 90 days and requested an automatic stay on litigation and asset seizures to facilitate negotiations. The company operates in the petrochemical industry as the largest producer of thermoplastic resins in the Americas.