On August 24, Braskem filed for an out-of-court reorganization (recuperação extrajudicial) to restructure approximately US$ 10.9 billion (around R$ 56 billion) in unsecured financial obligations. The company secured adherence from creditors holding 39.6% of the affected claims, enough to file the petition, and obtained a 90-day stay against enforcement actions.
Read the full article: Brazil Journal
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