SÃO PAULO, 26 Jun (Reuters) – Braskem () stated this Friday that it obtained a favorable decision from the Court for the suspension for 60 days of debt collection by certain financial creditors, one day after filing a request for urgent precautionary relief to ensure temporary protection during negotiations.
‘The decision of the Court of the 2nd Bankruptcy and Judicial Recovery Court of the District of the Capital of the State of São Paulo… granted the requests formulated to, among other measures, determine the suspension of all executions and restrictions by creditors who have been invited to participate in the mediation initiated by the Company and certain subsidiaries before the Wind Mediation Chamber for a period of 60 days’, stated the petrochemical in a relevant fact.
The company had informed the day before that it had started the mediation process with financial creditors, as well as filing the emergency relief, citing that the measures seek to ‘preserve a stable environment for the continuation of ongoing negotiations exclusively with the aforementioned creditors in search of a consensual, structuring and orderly solution for its capital structure, aligned with the company’s liquidity position and the conditions of the global petrochemical industry’.
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‘Braskem reinforces that the emergency relief and mediation have a limited, strictly financial scope and do not cover any obligations of the company and its subsidiaries to its suppliers, customers and other stakeholders, which remain in force and continue to be fulfilled normally, under the terms of the respective contracts’, the company added this Friday.
