Plastic Giant Braskem Drowns in $11 Billion Debt

Brazilian petrochemical giant Braskem is restructuring around $10.9 billion in unsecured debt as the global plastics downturn intensifies. The company faces squeezed margins, mounting financial pressure and fierce competition from cheaper imported resins. Braskem’s share of Brazil’s domestic resin market has fallen sharply, illustrating how global petrochemical overcapacity is increasingly putting even established plastics producers under severe pressure.

Source

https://www.stockopedia.com/share-prices/petroleo-brasileiro-sa-petrobras-NYQ%3APBR/news/brazil-apos-s-braskem-files-for-10-9-billion-out-of-court-restructuring-updated-01a03397-3487-7021-96f4-a51365405387