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Bond Market News
Braskem SA Plans to Present Debt Restructuring Proposal – Sources
January 23, 2026
Braskem SA plans to present an out-of-court debt restructuring proposal to creditors by March, according to sources. The plan hinges on IG4 Capital finalizing a deal to acquire control of the company from Novonor, allowing IG4 to negotiate restructuring terms. IG4 has a binding agreement with creditor banks to purchase Novonor’s Braskem-backed debt and is in a 60-day exclusivity period to negotiate a broader share transaction that would give it just over 50% of Braskem’s voting stock. The deal still requires regulatory approvals across Brazil, Mexico, Europe and the US. Braskem’s financial stress intensified after an industry downturn and an environmental disaster at a salt mine, which led to billions in compensation provisions and the loss of its investment-grade status (currently rated Caa3/CCC-/CC). Fitch recently flagged heightened refinancing risk and downgraded the company to CC. Last week, Braskem made coupon payments due on some of its dollar bonds, easing concerns. The company has payments coming due Friday on its hybrid notes maturing in 2081.
Braskem’s dollar bonds continue to trade at distressed levels of 35-45 cents on the dollar.
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