Braskem Creditors Demand $3B Equity Injection From Petrobras and IG4 Capital

Seeking Alpha··BRUS·Read original
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Summary · why it matters

Creditors of Braskem SA are demanding that controlling shareholders Petrobras and IG4 Capital Group inject $3B in fresh equity into the troubled Brazilian petrochemical producer, according to a report by Bloomberg. The request signals mounting friction in efforts to restructure roughly $11B in debt, with a group of bondholders asking the two controlling owners for a firm commitment to put up the new equity while emphasizing that creditors themselves will not contribute additional funds. Bondholders recently turned down Braskem's late-August restructuring plan, which had asked creditors to inject approximately $2B in new funds, allocating $1.25B to buy back debt at up to a 50% discount and $750M for working capital. Instead, creditors are insisting on an enforceable, legally binding pledge from Petrobras and IG4 Capital to supply the $3B themselves, with multiple bondholders making clear they will not contribute new funds or accept a deal without a firm commitment from the owners. While Petrobras remains eager to avoid taking Braskem into a formal bankruptcy filing, it has so far resisted granting the enforceable financial guarantees sought by lenders, and with the two sides remaining far apart, the prospect of a bankruptcy filing has returned prominently to discussions. Braskem had filed for interim emergency creditor protection in June to buy time to negotiate an out-of-court debt rework, which it formally initiated in late August.

Impact on assets 2

Energy▼ · 1 stocks
Petroleo Brasileiro Petrobras SA ADR
PBR
▼ NegativeCapitalrelevance

Creditors demand Petrobras inject $3B in fresh equity into Braskem, a financial burden it has resisted, with bankruptcy risk rising.

Materials▲ · 1 stocks

Off-coverage companies 1

IG4 CapitalPrivate▼ Negative
Capitalrelevance

Creditors are demanding IG4 Capital, as a controlling shareholder, commit $3B in fresh equity into debt-laden Braskem, with bankruptcy risk resurfacing.

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