Braskem, creditors remain without restructuring deal after exchanging proposals
BAK•Braskem and its investors had not reached a restructuring agreement as of October 24, 2026, and negotiations are set to continue toward an October 30 deadline. Proposals cover about $10.9 billion in claims and differ on equity backstop commitments and debt-to-equity conversion amounts.
1. Proposals remain apart
Braskem and its investors had not accepted either side’s restructuring proposal as of October 24, 2026. Negotiations will continue toward an October 30 deadline for a milestone under the negotiation framework.
2. Key terms differ
The proposals offer four options for approximately $10.9 billion of claims subject to restructuring. Investors seek $1.85 billion in equity backstop commitments at closing, while management proposes $1.2 billion with staggered disbursements. Creditors propose an upfront $1.85 billion debt-to-equity conversion, compared with approximately $2.8 billion under management’s proposal.
