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Market Chatter: Braskem Files for Out-of-Court Restructuring of Over $10 Billion in Debt

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Braskem (BAK) filed for out-of-court restructuring Monday, which involved more than $10 billion in debt, Reuters reported, citing people familiar with the matter.

The filing, which comes as the petrochemical company's 60-day creditor protection period expires, provides an additional 90 days to negotiate a final restructuring plan with creditors, according to the report.

Approval for the restructuring requires support from at least 50% of creditors plus one, while the filing requires consent from 33% of creditors, Reuters reported, adding that roughly $7 billion of Braskem's debt is held by bondholders who previously objected to its initial proposal to extend maturities and payments.

Braskem didn't immediately respond to a request for comment from.

(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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