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Braskem Files Extrajudicial Reorganization for $10.9 Billion in Debt

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Braskem (BAK) has filed a petition for extrajudicial reorganization covering about $10.9 billion of unsecured financial obligations, seeking a framework to restructure its debt, the company said Tuesday in a regulatory filing.

The proposed reorganization has secured participation from unsecured creditors representing 39.6% of the claims, Braskem said in the filing with the US Securities and Exchange Commission.

The proposed framework includes extending and amending debt maturities, potentially capitalizing interest, possible liquidity support from major shareholders and potential equity contributions or conversion of part of the debt into equity, the filing said.

Shares of the company were over 4% higher in premarket activity Tuesday.

Price: $1.9280, Change: $+0.078, Percent Change: +4.22%

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