The restructuring package includes a significant US$476 million capital contribution from majority shareholder Braskem S.A., signaling strong backing for the company’s long-term viability. Braskem Idesa expects to exit court proceedings within 60 to 90 days, with the firm’s ownership structure remaining largely unchanged upon emergence. Braskem will continue to hold a majority stake, while Grupo Idesa stays on as the primary minority shareholder.
In section Releases
Braskem Idesa Files for Chapter 11 in US Debt Restructuring Deal
Braskem Idesa has launched a prepackaged Chapter 11 bankruptcy process in the Southern District of Texas to slash its senior debt from US$2.5 billion to US$1.6 billion. The petrochemical firm secured a consensual agreement with major stakeholders to stabilize its balance sheet and inject fresh capital into the business.
Management emphasized that the filing will not disrupt daily production at the Nanchital facility in Veracruz, Mexico. The company has already submitted standard court motions to ensure employee wages, benefits, and payments to trade vendors remain unaffected during the transition. Legal and financial oversight for the process is being handled by a team including Cleary Gottlieb Steen & Hamilton and Lazard, as the company works to normalize operations and ramp up its 1.05-million-ton annual ethylene and polyethylene output.
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