LatAm Oil & Gas: LightHouse: PBR, BRKM, Global (4x)

研报英文原文证据摘录

LatAm Oil & Gas: LightHouse: PBR, BRKM, Global (4x)

Estadão reported that Braskem confirmed ongoing discussions with financial

creditors regarding a potential restructuring of its capital structure, while

emphasizing that all proposals received to date are indicative and non-binding. The

company disclosed the information in response to a B3 inquiry following recent

media reports about creditor proposals related to the restructuring of

approximately R$50bn in debt with alternatives including a DIP financing with

potential debt-to-equity conversion and significant shareholder dilution, as well as

a maturity extension of outstanding bonds backed by substantially all of the

company's assets. According to Braskem, the proposals received from creditor

groups remain under evaluation.

Also, Estadão reported that international bondholders have been seeking direct

discussions with Petrobras, without IG4 Capital's involvement, as negotiations over

an out-of-court restructuring plan intensify ahead of a mid-August deadline.

According to the report, there’s some frustration with the pace of negotiations,

which are currently being conducted by Braskem financial executives appointed by

IG4.

Braskem's debt restructuring process is most likely to still take some time and

evolve different alternative solutions, given the challenging macro momentum

(including spreads volatility) and the company’s balance sheet. As we have been

flagging, we view the path towards a liquidity solution remain uncertain and may

include the risk of dilution for minority shareholders.

COMMODITIES / MACRO / GLOBAL

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