Recent Updates — BAK
Braskem S.A. released preliminary production and sales data for the third quarter of 2026, reporting main chemical sales volume of 574 thousand tons (kt), a 4% decrease from the second quarter but up 19% year-over-year. Resin sales reached 854 kt, reflecting a 12% quarterly increase driven by commercial strategy in Brazil and higher export availability. Utilization rates varied by region: Brazil/South America cracker utilization held at 69%, while Mexico PE plant utilization surged to 62% due to increased ethane supply from PEMEX and imports. Conversely, United States and Europe PP plant utilization dipped to 74% amid logistical constraints in Europe. Petrochemical spreads normalized globally, with resins spreads averaging $372 per ton, down significantly from the second quarter's peak but slightly above third-quarter 2025 levels. The company operates in the petrochemical industry, producing plastics and chemicals primarily in Brazil, Mexico, the United States, and Europe.
Braskem S.A. responded to a request from B3 to clarify media reports suggesting the company and its creditors had converged on a financial restructuring plan involving a capital contribution from Petrobras and debt-to-equity conversion. The company stated that while it has exchanged non-binding, indicative proposals with certain investors regarding an Updated Plan for its extrajudicial reorganization, no agreement on final terms has been reached. The deadline to reach an agreement in principle has been extended to October 30, 2026. Braskem reaffirmed its commitment to pursuing a consensual solution while maintaining operations. The company is the largest resin producer in the Americas and operates in the petrochemical industry.
Braskem disclosed updated business plans and competing non-binding proposals for an extrajudicial reorganization plan to certain holders of its senior notes and debentures. The company presented a proposal on October 23, followed by a counter-proposal from investors on October 24. Neither side has accepted the other's terms, and no agreement has been reached. Braskem extended the negotiation milestone deadline to October 30, 2026, while continuing discussions with creditors regarding debt-to-equity conversions, equity rights offerings, and claim treatments totaling approximately $10.9 billion in subject claims. The company operates in the petrochemical industry, producing plastics and chemicals primarily in Brazil, the US, and Europe.
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.