Braskem Idesa, S.A.P.I takes strategic action through consensual restructuring to reduce its debt by more than US$920 MM

Braskem Idesa reported ongoing operations will continue uninterrupted and said it expects to emerge from Chapter 11 in ~60 to 90 days. The company also noted Braskem S.A. contributed US$476MM, providing liquidity support during the restructuring process. Overall, the update is cautiously positive for continuity of business, but still framed by the ongoing bankruptcy proceedings.

Analysis

Braskem Idesa reported ongoing operations will continue uninterrupted and said it expects to emerge from Chapter 11 in ~60 to 90 days. The company also noted Braskem S.A. contributed US$476MM, providing liquidity support during the restructuring process. Overall, the update is cautiously positive for continuity of business, but still framed by the ongoing bankruptcy proceedings.