Braskem management - Run 5, Round 1

The filing coalition is more constructive than Run 4 assumed. Organized bondholders signed across the capital structure, leaving roughly 10.4 percentage points to reach a majority.

Offer: detailed business plan, monthly cash reporting, 18–30 months of relief, five-year-or-longer maturities, explicit cash/PIK economics, and alternative contingent-capital or equitization structures. Use the site’s US$694M Q3 spread-bridge estimate as a sensitivity, not booked cash.

Move: accept creditor consent rights, a cash sweep above an agreed floor and objective triggers for additional support if reported liquidity or leverage misses.

BATNA: RJ if final economics cannot clear a majority. The signed process makes a consensual plan more credible, but it does not eliminate that alternative.