Braskem Agrees to Out-of-Court Restructuring of $10.9B in Debt (BAK:NYSE)
20 Articles
20 Articles
(Mexico City = Yonhap News) Correspondent Song Gwang-ho = Brazil's Braskem, the largest petrochemical company in Latin America, is embarking on an autonomous restructuring process.
Braskem has filed an out-of-court recovery request to renegotiate debts of $10.9 billion and contain the creditors' siege.
Braskem approved on Monday (24) an application for extrajudicial recovery with the Justice of São Paulo, says columnist Lauro Jardim of the newspaper O Globo. Petrochemistry, which has a debt of R$ 54 billion, will have 90 days of protection to negotiate its definitive restructuring plan. The biggest creditors are bondholders and banks Banco do Brasil and BNDES, Itaú Unibanco, Bradesco and Santander. In the last week, Braskem had said that negot…
Braskem, the Brazilian petrochemical company linked to Carlos Slim, managed to reach an agreement with its main shareholders to restructure a debt of almost 11 billion dollars through an extrajudicial process that will have a limit of 90 days to be defined. According to information from Bloomberg, the restructuring process will be entirely financial and will not cover any of its obligations to suppliers, customers or other interested parties. Th…
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