BREAKING: Braskem enters extrajudicial recovery and gets 90 days against an RJ
Braskem should file a request for extrajudicial recovery in the next few hours, in an attempt to reach an agreement with banks, bondholders and shareholders to restructure a debt of around R$ 54 billion. The RJ, which comes after an agreement with creditors, gives the company 90 days of protection against executions.
Braskem is set to file for extrajudicial recovery, aiming to restructure around R$ 54 billion in debt. The move, supported by over a third of creditors, grants the company 90 days of protection against debt executions. Key creditors include bondholders and banks such as Banco do Brasil, BNDES, Itaú Unibanco, Bradesco, and Santander.
Braskem's main shareholders, Petrobras and IG4, have agreed to consider a potential capital increase as part of the negotiations. The company's US subsidiary, Braskem Idesa, recently filed for Chapter 11 in the US with a pre-agreed restructuring plan.
Written by urgent.news from Brazil Journal's report — not a translation of it. Machine-written — may contain errors; check the original before relying on it.
