Braskem creditors resist debt plan ahead of deadline

Braskem bondholders have resisted a new proposal from the petrochemical company and its shareholders to renegotiate about $11 billion in debt, according to Bloomberg News on October 8, 2026. The pushback comes right before a key October 9 deadline to agree on baseline terms.

Shareholders offered about $1 billion to back a share offering, but only if the restructuring significantly cuts the company's debt burden. Creditors considered these proposed terms insufficient to reach an agreement, and they view a deal before the deadline as unlikely, though talks continue.

The company entered an out-of-court restructuring process in August. If the parties fail to reach an agreement by October 9, a majority of creditors could ask to end the extrajudicial process, which could push Braskem into formal judicial recovery.

Last month, bondholders requested a $3 billion fresh capital injection from controlling shareholders Petrobras and IG4 Capital Group, which the shareholders resisted. Braskem and IG4 declined to comment, while Petrobras did not immediately reply to requests for comment.