Petrobras seeks consensus on Braskem restructuring

Petrobras expects to reach a consensus with creditors of Braskem, according to William França, the industrial processes director at Petrobras. França made the remarks on Thursday, September 24, following his participation in the ROG.e oil and gas conference organized by the IBP.

Braskem is controlled by Petrobras alongside the investment fund IG4 Capital. França serves on the board of directors of Braskem alongside Petrobras CEO Magda Chambriard and Petrobras CFO Fernando Melgarejo. França stated that the company seeks to guarantee a capital restructuring at Braskem so that it becomes operationally robust in five or six years, while adding that judicial recovery is not ruled out.

In an out-of-court restructuring, Braskem could reach an agreement with creditors to restructure BRL 56,500 million in debt. Bloomberg reported on Monday, September 21, that creditors are demanding a US$3 billion fresh capital injection from the controlling shareholders, Petrobras and IG4.

França also addressed the energy transition at Petrobras during the event, stating that the company must focus on energy addition and coexist with fossil fuels.