Braskem Agrees to Out-of-Court Restructuring of $10.9B in Debt (BAK:NYSE)
24 Articles
24 Articles
The request for extra-judicial recovery gave Braskem 90 days of survival, but it did not solve the problem that led her there. To get out of the crisis, the company needs to overcome the same obstacles that led to the negotiation in recent months: convince the credos
(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…
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