Braskem Mulls Out-of-Court Restructuring: Valor

Brazilian petrochemical producer is evaluating options to renegotiate debt and reduce its leverage, with the most likely being an out-of-court restructuring, according to a report from a column of local newspaper Valor Economico, citing sources related to the matter.

• Braskem stock fell about 5% after the news broke
• Plan would require backing from creditors and approval by Petrobras
• Braskem would not need a haircut at the moment, as talks are focused on gaining time for a restructuring, according to sources close to the matter: Valor
• Braskem declined to comment on Valor’s story
• NOTE: Braskem Bonds Extend Slide After Company Hires ...