Market Chatter: Braskem Creditors Seek $3 Billion Capital Injection From Controlling Holders

MT Newswires Live09-22 16:34

Braskem's (BAK) creditors are seeking a $3 billion capital injection from the company's controlling shareholders, Petrobras (PBR) and IG4 Capital, as it works to restructure about $11 billion of debt, Bloomberg News reported Monday, citing people familiar with the matter.

Bond holders are unwilling to provide additional funding and want the controllers to make a firm commitment, the unnamed sources told the news outlet.

The embattled Brazilian petrochemicals company has until late November to come up with a final restructuring plan with support of more than half of its creditors and avoid a potential bankruptcy filing, according to the report.

Braskem didn't immediately respond to MT Newswires' request for comment.

(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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