RestructuringJun 26, 2026, 06:07 AM
Braskem Initiates Judicial Precautionary Relief & US Chapter 15 Measures
AI Summary
Braskem S.A. announced that its Board of Directors approved a series of protective measures aimed at seeking a consensual and orderly solution with its financial creditors. These measures include initiating a mediation proceeding with creditors and commencing judicial proceedings for Emergency Precautionary Relief in Brazil. Additionally, the company authorized the adoption of ancillary protective measures abroad, including potential Chapter 15 proceedings in the United States, and appointed a foreign representative for this purpose.
Key Highlights
- Braskem's Board approved protective measures for the company and certain controlled entities.
- The company will initiate a mediation proceeding involving its financial creditors.
- Judicial proceedings for Emergency Precautionary Relief will commence in Brazil under Law No. 11.101/2005.
- Protective measures abroad, including Chapter 15 of Title 11 of the United States Code, were authorized.
- Mr. Antonio Reinaldo Rabelo Filho was appointed as the Foreign Representative for Chapter 15 proceedings.
- Management is authorized to take all necessary steps to implement these resolutions.
Price Impact
More from BAK