Elliott Investment Management LP and SVP Global have bought debt of Braskem SA from existing lenders, with Elliott also accumulating holdings in some of the company's international bonds. The acquisitions give the investors a seat at the table as Braskem negotiates a plan to restructure its debt load following a downturn in the petrochemical industry and an environmental disaster. Elliott and SVP are expected to advocate for restructuring terms that differ from proposals currently laid out by Braskem, which has presented creditors with a plan including debt maturity extension and reduced coupon payments.
- Elliott Investment Management and SVP Global have acquired debt from Braskem SA, a Brazilian petrochemical producer facing restructuring.
- The investors are expected to push for different restructuring terms than Braskem's current proposal, which includes debt maturity extensions and reduced coupon payments.
- Braskem is struggling to gain creditor support for an out-of-court restructuring and may seek emergency court protection if an agreement is not reached soon.
Topics: Asset types, Legal regulatory, Financial instruments, Enforcement actions litigation
Tags: #braskem #elliottinvestmentmanagement #svpglobal #debtrestructuring #petrochemicalindustry #environmentaldisaster #creditors #bonds #revolvingcreditfacility #ig4capital
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