Braskem (BAK) is contemplating seeking protection in Brazil courts against its creditors, Bloomberg News reported Wednesday, citing people involved in the discussions.
The petrochemical company's financial situation has deteriorated in the last few months, resulting in its management to consider the precautionary move, or even proceeding with an outright bankruptcy, the unnamed sources told the news outlet.
Braskem didn't immediately respond to MT Newswires' request for comment.
The company's shares were up 4.6% in premarket activity.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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