Braskem Taps $1 Billion Credit Facility Amid Debt Review (1)

Braskem SA, the Brazilian chemical giant, said it tapped the entirety of a $1 billion credit line amid an industry downturn and mounting investor concern.

It’s the first time the company has tapped the facility since it was contracted in 2021, according to people familiar with the matter who asked not to be identified in order to discuss private information.

Braskem now has a cash position of $2.3 billion, based on preliminary, unaudited data, according to a company filing.

The company said it “remains focused on implementing resilience and transformation initiatives to mitigate the significant impacts resulting from ...