Petrobras injection becomes hurdle in Braskem debt talks

A commitment by Petrobras to back an eventual capital increase at Braskem has emerged as the main obstacle in restructuring talks with bondholders, according to Pipeline on 16 September 2026. Petrobras is a reference shareholder in the petrochemical producer alongside IG4 Capital.

Creditors are demanding capital injection guarantees from the state-controlled oil company to move forward with Braskem's out-of-court restructuring plan. In a meeting held on 15 September 2026 with bondholder representatives, Petrobras stated that it is still evaluating the size of any potential support. Volatility in petrochemical spreads, which rose during the conflict in Iran before falling again, has complicated cost and scenario projections.

Braskem filed for out-of-court restructuring in August after reaching an initial agreement with creditors holding 39.6% of its BRL 56.5 billion in debt. The company faces a 9 October deadline to agree on core commercial terms, after which supporting creditors holding more than 66% of the debt can terminate the agreement. The company has until 22 November to approve the final plan.

The restructuring proposal contemplates a share offering to recapitalise Braskem, alongside a potential debt-for-equity conversion if capital increases fall short. UBS BB estimates that Braskem must cut its net debt, currently at $11 billion, by $6 billion to $6.5 billion to reach a leverage ratio of about three times. Under that scenario, UBS BB projects Petrobras would need to inject between BRL 2 billion and $2.5 billion to maintain its equity stake.