Braskem’s creditors and shareholders are discussing an out-of-court restructuring of about $10.9 billion in unsecured obligations, with a Reuters-reported Nov. 11 target ahead of a separate filing date in the company’s plan.
Reuters reported that two people close to the negotiations said the parties were aiming for an agreement by Wednesday, Nov. 11. They described it as a flexible target that could change, rather than a binding date.
Braskem and certain subsidiaries filed for extrajudicial reorganization on Aug. 24. The company said the proceeding covers unsecured financial claims, while supplier and customer obligations fall outside it. Creditors representing 39.6% of claims covered by the initial plan had signed it, Braskem said.
Under Braskem’s plan, the 90-day window for an updated submission ends Nov. 22; Reuters’ sources gave Nov. 11 as their negotiating aim.
In its Oct. 27 filing, Braskem said negotiations had not produced a final agreement. The company said the terms and timetable remained open to change and required further negotiation and the approvals required under its governance rules. The filing also said the separate milestone for reaching an agreement in principle had been extended to Oct. 30.
Reuters said the discussions included a possible combination of shareholder cash and debt converted into equity. It reported separate figures from two sources: a capitalization objective of about $4 billion, roughly $1 billion below an earlier figure, and a $3.8 billion debt-to-equity conversion that bondholders reportedly rejected after Petrobras reduced planned cash from $1.7 billion to $1.4 billion. Reuters did not say whether the figures described the same proposal.
Petrobras and Shine I Fundo de Investimento em Participações share control under Braskem’s shareholder agreement. The company’s 2025 annual report pointed to weak petrochemical market conditions and compressed spreads, as well as debt-service needs and obligations tied to the geological event in Alagoas, as financial pressures. The filed timetable calls for an updated plan by Nov. 22, after the reported Nov. 11 negotiating target.
