Braskem
Coverage of Braskem in the Nexus archive.
- A Bank’s Lawsuit Threatens to Unwind the Braskem Control Sale
Banco Safra has requested a São Paulo court to suspend the sale of Braskem's control to an IG4-backed fund, arguing the deal protects the buyer from inherited debts. The bank, owed $105 million, claims debt-free transfers apply only under specific conditions.
- Braskem Hits Near-Default Grade Even as Its Shares Rally
Fitch and S&P downgraded Braskem to near-default grades, citing its court shield against creditors as a default-like process. Despite the downgrade, Braskem's shares rose nearly six percent the same day.
- Braskem Wins a 60-Day Court Shield in Its $9.4 Billion Debt Fight
A São Paulo court granted Braskem a 60-day shield to freeze creditor seizures and lawsuits while the company attempts to renegotiate its $9.4 billion debt.
- Elliott Buys Into Braskem’s Debt, Raising the Stakes in Its Rescue
Activist investor Elliott and SVP Global have purchased debt in Braskem, a petrochemical manufacturer, introducing new players into its restructuring process.
- Brazil’s Braskem Moves to Skip Bond Payments as a New Owner Takes Control
Braskem is preparing an out-of-court reorganization expected to be filed by June 2026 and will not pay approximately US$141 million in bond interest due in July and US$36 million due in August. A new owner is now in control of the company.
- Braskem Debt Talks Hit Snag, Boosting Odds of Emergency Order
Braskem's debt negotiations have encountered a setback, increasing the possibility of an emergency order being imposed. The situation suggests potential financial instability for the company.
- Braskem Asks Creditors for Time as the Chemical Giant Fights On
Braskem is seeking creditors' agreement to extend debt maturities, reduce interest rates, and provide more grace time. The company, with $9.4 billion in gross debt, has ruled out swapping debt for shares or securing new funding from its new private-equity-controlled board.
- Cash Crunch Leaves Braskem’s Mexico Unit Missing Out on Oil Boom
Braskem's Mexico unit is missing out on the oil boom due to a cash crunch. The company has an ethylene-polyethylene plant in Coatzacoalcos, Mexico. Workers are affected by the situation.
- Braskem Majority Stake Sale by Novonor Advances With Signed Deal
Novonor has advanced the sale of a majority stake in Braskem with a signed deal. The Braskem petrochemical plant is located in Duque de Caxias, Brazil.