Braskem Seeking Restructuring With Lower Payments, Grace Periods

Braskem SA, the Brazilian petrochemical company, will present a debt restructuring plan to creditors that will include debt maturity extension, reduced coupon payments and more grace periods, according to a person familiar with the situation.

The plan, which is expected to be presented soon, will not include a capital injection or a debt to equity swap, said the person, who asked not to be named discussing private conversations.

Braskem is seeking backing from creditors to begin an out-of-court restructuring process ahead of debt payments scheduled for July, Bloomberg previously reported.

The plans come after the Braskem shares owned by ...