filecrux
$BAK Noteholders push Braskem's US$589M 2041-note unit into involuntary Chapter 11.
🏢 Brazilian petrochemical maker already in extrajudicial reorganization at home
⚠️ Funds holding about US$272M (about 47%) of the 7.125% 2041 notes filed in New York on Oct 21
⚠️ Parent-guaranteed; mkt cap ~$370.4M at $1.64 (16:00 ET, Oct 21, 2026); BRL 16.77B cash+investments Dec 31, 2024
🏦 Braskem says only the finance unit is affected; the parent is not listed as a debtor
📅 Next: No court date given; runs alongside Brazil's reorganization and US Chapter 15 cases
Source: SEC 6-K, Oct 22 + SEC 6-K, Sep 28
