Braskem initiates debt restructuring for $10.9 billion amid sector-wide financial strain in Brazil

Braskem has filed for extrajudicial recovery in São Paulo to restructure $10.9 billion in debt, citing compressed margins and liabilities from the Maceió geological incident. This move follows a similar judicial recovery filing by Casas Bahia, signaling a broader trend of liquidity stress and high capital costs affecting major Brazilian corporations.