Braskem filed its request for extrajudicial recovery with the São Paulo Court on August 24, 2026. With this measure, the company seeks 90 days of protection to organize negotiations on its definitive restructuring plan. The move comes at a crucial time for the company, controlled by IG4 and Petrobras.
What extrajudicial recovery means for Braskem
Extrajudicial recovery is a legal instrument that allows companies in financial crisis to renegotiate debts directly with their creditors, initially outside the judicial sphere, but with the possibility of approval in court. This process differs from judicial recovery, which imposes the automatic suspension of all executions. The extrajudicial model offers a more consensual path, focused on negotiation between the parties before a more comprehensive judicial intervention. The 90-day protection period is essential so that the petrochemical company can align agreements without the immediate pressure of charges.
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Details of the billion-dollar debt and the main creditors involved
Braskem’s total debt reaches R$54 billion, which places the company in a delicate situation in the market. The creditors that stand out most in this renegotiation process are the bondholders, in addition to a group of large financial institutions. Among the banks with the greatest exposure to Braskem’s liabilities are Banco do Brasil, BNDES, Itaú Unibanco, Bradesco and Santander. Negotiations with these financial sector giants and bondholders will be crucial to the company’s economic future in the coming months.