Out-of-Court Restructuring Petition
Braskem filed a petition for out-of-court debt restructuring (recuperação extrajudicial, a Brazilian statutory mechanism that allows debt renegotiation through a pre-agreed plan between a company and its creditors, subsequently submitted for judicial confirmation). The proceeding involves debts totaling R$ 56.5 billion.
Creditor Support
For the renegotiation to move forward and the plan to be consolidated, the company requires the support of a specific proportion of claim holders. Upon filing, Braskem already held formal approval from creditors representing 39.6% of the claims included in the restructuring.
As the proceeding develops, the company aims to continue negotiations to reach support exceeding 50%. Reaching this threshold is the target sought by the company to enable the restructuring of the submitted debts.
Corporate Perspective
This development illustrates the use of out-of-court restructuring as a strategic tool to rebalance large debt volumes, prioritizing direct negotiation and consensus-building with a significant portion of creditors.
This content is for informational purposes only and does not constitute legal advice. For guidance on specific matters, consult a qualified lawyer.
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