LatAm Watch · Creditor Brief · Sample edition
Braskem Group — Recuperação Extrajudicial (Brazilian pre-negotiated restructuring)
Sample edition. This sample is built from the U.S. Chapter 15 record and press reports. Client editions are built from the Brazilian court docket and the plan itself, are matched to the client's own holdings or claims, and cite a document and page for every statement. Pricing →
Current status: support-gathering and U.S. recognition pending. At the EJ filing, creditors holding 39.6% of the debt subject to the plan had signed on. Confirmation requires more than 50% of each affected class. In the U.S., the debtors' proposed schedule puts the Chapter 15 recognition hearing on 8 December 2026. [S1]
1. Case at a glance
| Debtors | Braskem S.A. (B3: BRKM5) and financing affiliates, including Braskem Netherlands Finance B.V. and Braskem America Finance Co. Six debtors in the U.S. case. [S1] |
|---|---|
| Court | 2ª Vara de Falências e Recuperações Judiciais, São Paulo (TJSP) [S1] |
| Type | Recuperação extrajudicial (EJ), Lei 11.101/2005, preceded by a court-supervised mediation (case 4113246-86.2026.8.26.0100, opened 24 Jun 2026) [S1] |
| EJ filed | 24 Aug 2026 [S1] |
| Debt reported | ≈ R$55 bn (≈ US$11 bn) consolidated gross debt as of 19 Jun 2026 [S1] |
| Creditor support | 39.6% of the debt subject to the plan at filing; the threshold for confirmation is more than 50% per affected class [S1] |
| Stay | Triggered by a filing with at least one-third support; the 180-day default is reduced by the length of the prior mediation injunction [S1] |
| U.S. proceedings | Chapter 15, S.D.N.Y. case 26-11522 (Judge Michael E. Wiles), filed 26 Jun 2026. Provisional relief granted 30 Jun 2026 and extended on 25 Aug 2026 until a final recognition decision. [S1] |
2. U.S. dollar notes listed in the Chapter 15 petition
| Issuer | Coupon / maturity | Principal |
|---|---|---|
| Braskem Netherlands Finance | 4.50% 2028 | US$1.2 bn |
| Braskem Netherlands Finance | 4.50% 2030 | US$1.5 bn |
| Braskem Netherlands Finance | 8.50% 2031 | US$882 m |
| Braskem Netherlands Finance | 7.25% 2033 | US$1.0 bn |
| Braskem Netherlands Finance | 8.00% 2034 | US$862 m |
| Braskem America Finance Co. | 7.125% 2041 | US$582 m |
| Braskem Netherlands Finance | 5.875% 2050 | US$767 m |
| Braskem Netherlands Finance | 8.50% 2081 | US$251 m |
3. Your position
Client edition only. The class your claim or series falls in, the plan treatment as written, whether your claim is inside or outside the EJ perimeter, and the adherence and objection deadlines that apply to you.
4. Deadlines & triggers to watch
| Item | Status | Basis / source |
|---|---|---|
| Creditor adherence to the plan | 39.6% at filing; more than 50% per class required [S1] | Art. 163, Lei 11.101/2005 |
| Objections to the EJ in Brazil | The window opens on publication of the court notice; the date is verified in client editions | Art. 164 (30 days from the notice) |
| U.S. fact discovery complete | 9 Nov 2026 (proposed) [S1] | Debtors' proposed schedule, 26-11522 |
| U.S. oppositions / replies | 20 Nov / 3 Dec 2026 (proposed) [S1] | Same |
| U.S. recognition hearing | 8 Dec 2026 (proposed; pretrial conference 7 Dec) [S1] | Same |
5. Timeline
- Court-supervised mediation opens in São Paulo with a 60-day protective injunction. [S1]
- Chapter 15 petition filed, S.D.N.Y. (26-11522). [S1]
- U.S. provisional relief granted. [S1]
- Protective order and ESI protocol entered in the U.S. case. [S1]
- EJ and plan filed in São Paulo with 39.6% support. [S1]
- U.S. provisional relief extended until a final recognition decision. [S1]
6. Key parties
| Ad hoc noteholder group (> US$4.7 bn) | Davis Polk & Wardwell [S1] |
|---|---|
| 2041 noteholders (certain funds) | Paul Hastings [S1] |
| Indenture trustee | The Bank of New York Mellon (Reed Smith) [S1] |