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Braskem’s dollar bonds fell sharply after Brazilian victims of the Maceió land subsidence disaster filed an appeal in the Netherlands to hold the company’s European subsidiaries liable. The lawsuit has been filed by nine residents, represented by international law firms, who claim that Braskem’s Dutch subsidiaries equally profited from the mining project. To recall, the first lawsuit was filed against Braskem SA and some of its subsidiaries in 2020, where residents claimed that rock salt mining had created craters in Maceió and caused neighbourhoods to sink. A 2024 Dutch court ruling found that Braskem was responsible for the disaster and ordered compensation to affected residents, the amounts of which are yet to be determined.
Braskem’s 4.5% 2030s tumbled by 2.2 points to 74, yielding 12.07%. Braskem’s dollar bonds have seen a downtrend since the beginning of the year. They have fallen by ~15% YTD.
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