Braskem Restructuring Wins 39.6% Creditor Backing in Brazil
Braskem filed an out-of-court restructuring in Brazil on 24 August 2026, covering about US$10.9 billion in unsecured debt. Creditors holding over one-third of the debt support the plan, while Petrobras negotiates a separate US$456 million credit line. The post Braskem Restructuring Wins 39.6% Creditor Backing in Brazil appeared first on The Rio Times .
Brazilian petrochemical company Braskem has secured 39.6% creditor backing for its restructuring plan. The company filed for out-of-court restructuring on August 24, 2026, covering approximately $10.9 billion (R$56.1 billion) in unsecured debt. Petrobras is considering new credit support as part of the process. The restructuring affects only unsecured financial debt and not trade payables or customer obligations.
Brazilian banks including Banco do Brasil, BNDES, Itaú, Bradesco, and Santander provided the majority of support, making up about 28% of the affected debt. Additional talks are ongoing with Petrobras for a credit line to finance feedstock purchases. The restructuring process protects Braskem from enforcement actions while negotiations take place, similar to a prepackaged restructuring in the United States.
The company must secure one-third creditor support before the protective order expires, which it did on the same day.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
