Banco Safra has gone to court to block the sale of Braskem to an IG4-backed fund, a challenge that could reshape how distressed Brazilian firms sell assets.
Key Facts
—The move. Banco Safra has asked a São Paulo court to suspend the sale of control of Braskem to an IG4-backed fund.
—The claim. Safra is a creditor owed about $105 million and argues the deal wrongly shields the buyer from inherited debts.
—The argument. The bank says debt-free transfers apply only to competitive auctions, not to a direct sale to a pre-chosen buyer.
—The stakes. Braskem carries roughly $7.5 billion in net debt and is Latin America’s largest petrochemical maker.
Empresa busca um acordo com credores financeiros para reestruturar suas dívidas dentro de um processo de recuperação extrajudicial
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