William França, Petrobras's Director of Industrial Processes and Products, stated that Petrobras, as a shareholder in Braskem, is involved in the petrochemical company's extrajudicial recovery process and expects a consensus to be reached with creditors. He emphasized that the goal is to secure a capital structuring plan that allows Braskem to stabilize its operational logistics and financial aspects.
Creditors of Braskem are demanding that controlling shareholders, Petrobras and IG4 Capital Group, inject $3 billion in new capital into the company. This demand highlights increasing tensions in negotiations to restructure Braskem's approximately $11 billion debt. The creditors have rejected a previous restructuring plan from Braskem that had vague language regarding capital injection, and they are seeking a firm, legally enforceable commitment for financial support.
Petrobras has indicated a willingness to support Braskem financially if a healthy capital structure is agreed upon, implying that such support is contingent on a prior debt restructuring agreement. While Petrobras wants to prevent Braskem from filing for bankruptcy, it has not yet committed to the specific capital injection sought by creditors. The parties have until October 9 to reach a preliminary agreement and until the end of November to present a definitive plan supported by over 50% of its creditors to avoid a formal bankruptcy filing.
