Novonor’s Creditors to Disclose Memorandum on Braskem: Estado

Creditor banks of Novonor SA, which have company’s controlling stake in Braskem as collateral for loans granted to Odebrecht in the past, are expected to release in the coming months along with Petrobras a memorandum of understanding involving shared control of the petrochemical company, O Estado de S. Paulo newspaper reported without further details about the sources.

• Novonor was previously called Odebrecht S.A.
• Creditors plan to foreclose on Novonor and allocate the proceeds to a fund that would be Petrobras’ new partner in Braskem: Estado
  • Banks are considering keeping the new fund’s stake in Braskem until the shares appreciate ...