Braskem Said to Take New Debt Offer to Board as Citi Warns on Buyout
Braskem is reported to have put a new restructuring offer to its board, while Petrobras refuses to inject capital alone and Citi warns minority holders. The post Braskem Said to Take New Debt Offer to Board as Citi Warns on Buyout appeared first on The Rio Times .
Braskem, the leading producer of thermoplastic resins in the Americas, is seeking to restructure approximately US$11 billion of debt without recourse to the courts. The company's management plans to present a fresh counterproposal to its board on Friday, 25 September 2026, according to Bloomberg Linea. Petrobras, the minority shareholder with 47.03% of the voting shares, has refused to inject capital unless other owners match its contribution.
The remaining 2.86% of shares are held by minority investors who are offered an exit. Braskem is employing recuperacao extrajudicial, an out-of-court process that secures creditor agreement once enough of them agree. The company needs more than half of the debt holders to sign on; 39.6% had already done so when the case was initiated.
Brazil's central bank PTAX rate was R$5.1991 to the dollar on 25 September 2026. A new counterproposal was reportedly due before the board on Friday, but the details have not been confirmed. Previous plans asked creditors to contribute around US$2 billion, with US$1.25 billion for debt buybacks and the rest for working capital. Creditors rejected this proposal and demanded cash commitments enforceable by court order.
Petrobras CEO Magda Chambriard stated that increasing its stake is not a current plan, as Petrobras cannot inject capital into Braskem without other shareholders doing the same.
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