Elliott Investment Management and Strategic Value Partners have purchased debt of Braskem SA as the Brazilian petrochemical producer negotiates a restructuring plan with creditors. The firms bought portions of Braskem's revolving credit facility from existing lenders, while Elliott also accumulated holdings in some of the company's international bonds. The acquisitions give the investors a seat at the table in the restructuring talks, and they are expected to advocate for terms that differ from Braskem's current proposals. Braskem's plan includes debt maturity extension, reduced coupon payments, and more grace periods, but no capital injection or debt-to-equity swap. The company needs support from a third of its creditors to begin an out-of-court restructuring and may file for emergency court protection if an agreement is not reached before a roughly $150 million payment due in July.
ASML Holding N.V.
Braskem SA Class AElliott bought Braskem debt, gaining influence in restructuring talks
SVP bought Braskem debt, gaining influence in restructuring talks