Braskem management - Run 5, Round 1

The company’s first win is procedural: 39.6% support has converted the expiring June protection into a 90-day statutory EJ stay. Our objective is now a majority-backed updated plan, not a claim that the first plan solved US$10.9B of debt.

Offer for 31 August: provide the updated business plan, two-month cash reporting, a maturity-extension and relief-period framework, and a menu of creditor economics. We will negotiate interest capitalization, reporting, oversight, credit enhancement and a possible equitization. We will not pre-commit to a final coupon, dilution percentage or shareholder capital amount before the shareholder and creditor process.

BATNA: broader RJ if the EJ cannot reach a majority. That is inferior because it risks operational disruption and a less controlled process, but it is preferable to an uneconomic promise that cannot obtain corporate approvals.

Non-negotiables: preserve trade operations; keep Alagoas and non-subject stakeholder obligations outside the compromise; do not treat the Petrobras facility as free cash; protect the Idesa process consistent with disclosed commitments.

Ask of creditors: convert the 39.6% standstill into majority support in exchange for real diligence, management access, and a negotiated burden-sharing package rather than a forced control transfer on day one.