Braskem, creditors remain at odds over debt restructuring terms
BAK•Braskem had no restructuring agreement on October 24, 2026, with negotiations continuing toward an October 30 milestone deadline. Investors proposed a $1.85 billion backstop for a $2.25 billion equity offering, compared with the company’s $1.2 billion backstop.
1. Proposals remain apart
Braskem and its creditors had not accepted either side’s restructuring proposal as of October 24, 2026. Negotiations will continue toward an October 30 deadline for a restructuring milestone.
2. Different funding terms
Investors proposed a $1.85 billion backstop for a $2.25 billion equity offering and $1.85 billion in upfront debt-to-equity conversion. Braskem’s proposal included a $1.2 billion backstop and approximately $2.8 billion in upfront debt-to-equity conversion. Investors also require all shareholder equity funding at closing, rejecting deferred disbursement and contingent equity contributions.
