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Braskem Idesa Edges Toward Chapter 11, Sources Say
February 9, 2026
Braskem Idesa’s dollar bonds dropped by 3-4 points across the curve on speculation that it is moving closer to a potential Chapter 11 filing, as per sources. The development comes after the company defaulted on its interest payments and failed to secure a restructuring deal on about $2.28bn of debt. Negotiations between shareholders (Braskem and its Mexican partner Idesa) and creditors (including Grupo Financiero Inbursa), have stalled. Shareholders rejected a proposed $700mn capital injection, while creditors pushed for tighter terms, higher interest rates, stronger guarantees, and as much as $900mn in fresh funding. Sources noted that the above ultimately left Braskem with little room for compromise. Earlier, the company had missed a $33.3mn coupon payment on its bonds due 2029, prompting S&P to downgrade it to D, citing weak liquidity of roughly $60–65mn in cash. Besides, analysts have also cited concerns over shareholder dilution and limited willingness to provide additional capital, making a comprehensive debt restructuring or bankruptcy process increasingly likely in the near term.
Its 7.45% 2029s dropped by 3.9 points to 61.1 cents on the dollar.
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