Braskem and Petrobras go to New York to seek agreement with creditors
IG4 and Petrobras take negotiations with holders of Braskem bonds until Friday, the 6th, in the middle of the deadline for the extrajudicial recovery plan
BY THE X-TRADER NEWS NEWSROOM · REPORTING FROM ESTADÃO · 3 MIN
According to Estadão, IG4, which controls Braskem through the Shine vehicle, and Petrobras are heading to the American city of New York, where they will negotiate with the petrochemical bondholders. Who are the bondholders? These are the creditors who purchased debt securities launched outside the country. The new deadline for negotiations, given by the creditors themselves, runs until Friday, the 6th.
The stated objective is to close a commercial agreement and gain time to formalize an extrajudicial recovery plan. From what Estadão found, the plan needs to be filed in court by November 23, and for this to happen it is necessary that 50% of the creditors, plus one, agree. In other words, the bill is not just about value: it is necessary to gather a qualified majority of creditors in less than three weeks.
On the table: how much Petrobras would put into Braskem and under what terms this money would come in. According to Estadão, another matter should be on the agenda: a request for judicial recovery in the United States, Chapter 11, presented by a specific group of bondholders.
A person linked to the creditors told Estadão that the compulsory Chapter 11 case has less weight. In reading this source, the main conflict is not in the format of the process, but in the conditions of the agreement that the creditors would accept.
What is at stake is whether Braskem's reorganization progresses through an extrajudicial agreement or whether it also depends on an open front in American courts. Until the end of this week, the market should monitor signs about the size of Petrobras' contribution and the willingness of creditors to adhere to the plan.
What changes for the investor
For those who follow the company's shares or bonds, the central point is predictability. If there is an agreement with the bondholders and the plan is filed on time, the scenario gains more clarity regarding the capital structure. If talks stall, the discussion could migrate to the American courts, with more uncertainty about deadlines and outcomes. This movement may influence the market's reading of the company, but this article does not indicate price direction or buy or sell recommendations.
Automatically translated from Portuguese.
