Braskem management - Run 5S, Round 1

At US$531/t, the Q3 model midpoint is about US$600M of EBITDA. That supports the business plan but is only slightly above the company’s US$586M June case and is not yet reported cash.

Offer: use the stronger spread case to support an 18–30 month relief period, five-year-or-longer maturities, cash reporting and a sweep of cash above an agreed liquidity floor. Preserve alternative contingent-capital and equitization structures until cash conversion is demonstrated.

BATNA: RJ remains credible if a majority cannot agree. Better spreads make a consensual extension easier to defend, but do not fund Mexico, cure defaults or replace supplier finance by themselves.

Non-negotiable: creditors cannot annualize one proxy or demand control as though Q3 cash has already been earned.