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Braskem Idesa Files for Chapter 11 Bankruptcy in the United States

evening · · thread: Braskem Considers Extrajudicial Recovery Request to Address $10 Billion Debt

2 sources · Brazil

Who reported this

  • CNN Brasil Brazil · Centre · Rubens Menin (MRV)
  • Folha de S.Paulo Brazil · Centre · Grupo Folha (Frias family)

What the colours mean

  • Left
  • Centre-left
  • Centre
  • Centre-right
  • Right
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Every source for this story reports from Brazil.

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Braskem Idesa, a Mexico based petrochemical joint venture between the Brazilian company Braskem and Mexico's Grupo Idesa, filed for Chapter 11 bankruptcy protection in the United States on Tuesday. The company aims to reduce its total senior debt from approximately 2.5 billion dollars to 1.6 billion dollars. As part of this restructuring, Braskem will contribute 476 million dollars and maintain its position as the majority shareholder. Grupo Idesa and its affiliates will remain the largest minority shareholder.

The company expects to exit the Chapter 11 process within 60 to 90 days. Braskem Idesa stated that daily operations will continue normally and that payments for employee salaries, benefits, suppliers, and unsecured creditors will be handled according to court approved motions. Separately, reports indicate that Braskem is facing its own debt of over 10 billion dollars and may be in advanced negotiations for an extrajudicial restructuring.

How each side framed it

Centre
Outlets of this lean presented the filing as a strategic financial restructuring to reduce debt while maintaining operational continuity.

Sources

100% of the statements in this article were traced back to the source articles listed above.