BRASKEM SA (BAK) Form 6-K — Oct 26, 2026
Braskem disclosed that negotiations over its out-of-court reorganization (Extrajudicial Reorganization) have not produced an agreement: both the company's October 23 proposal and the creditors' October 24 counterproposal were rejected, with talks continuing under a milestone deadline extended to October 30, 2026.
Key figures
- Ebitda
- {"2025A_usd_m":508,"2026E_usd_m":1460,"2035E_usd_m":2757}
- Revenue
- 12319000000
- Takeback debt rate increase
- Braskem Proposal: +125bps with 3-year 100% PIK toggle (+100bps PIK premium); Investor Proposal: weighted average increase from ~6.8% to ~8.5% p.a. with 50% PIK toggle through December 2027 (+175bps PIK premium)
- Subject claims usd
- ~US$10.9 billion
- Commercial credit line
- R$2,350 million / US$470 million
- Equity rights offering usd
- US$2.25 billion
- Minimum net leverage metric
- 4.0x excluding L/Cs
- Signatory creditors debt pct
- 40.3%
- Convertible takeback debt usd
- US$450 million (~4.7 cents)
- Negotiation milestone deadline
- October 30, 2026
- Status quo unrestricted cash 2027 E usd
- -US$3,168 million
- Status quo unrestricted cash 2031 E usd
- -US$7,762 million
- Cash sweep threshold braskem proposal usd
- US$2.0 billion
- Cash sweep threshold investor proposal usd
- US$1.0 billion
- Secured takeback debt braskem proposal usd
- 71% of electing claims (up to ~US$6.8 billion)
- Secured takeback debt investor proposal usd
- ~US$7.3 billion (~76 cents)
- Upfront debt to equity braskem proposal usd
- US$2.8 billion (29% of electing claims)
- Upfront debt to equity investor proposal usd
- US$1.85 billion (~19.3 cents)
AI analysis
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