Brazilian petrochemical producer is evaluating options to renegotiate debt and reduce its leverage, with the most likely being an out-of-court restructuring, according to a report from a column of local newspaper Valor Economico, citing sources related to the matter.
- Braskem stock fell about 5% after the news broke
- Plan would require backing from creditors and approval by Petrobras
- Braskem would not need a haircut at the moment, as talks are focused on gaining time for a restructuring, according to sources close to the matter: Valor
- Braskem declined to comment on Valor’s story
- NOTE:
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