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Creditors file involuntary Chapter 11 petition against Braskem America Finance for $589M in notes
BAKBraskem SA
FFI Fund Ltd., FYI Ltd., and Olifant Fund Ltd. filed an involuntary Chapter 11 bankruptcy petition in the U.S. Bankruptcy Court for the Southern District of New York against Braskem America Finance Company, an indirect subsidiary of Braskem S.A. The petition concerns approximately $589 million in principal amount of 7.125% Notes due 2041 issued by the subsidiary and guaranteed by the parent company. The petitioning creditors hold about $272 million, or 47%, of these notes. Braskem S.A. and its other subsidiaries are not listed as debtors in this proceeding. Braskem operates in the petrochemical industry, producing plastics and chemicals.