ARCHIVED RUN 3 · 18 AUG 2026
Updated mediation after Idesa
This rerun incorporates Braskem Idesa’s prepackaged Chapter 11 and the disclosed US$476 million parent contribution. It has been superseded by Run 4, which removes the Shine recap assumption and splits Elliott from the long-only book. The raw mediator output and the subsequent publication review are both preserved.
Published base terms
| Term | Run 3 result |
|---|---|
| Maturity | 5 years |
| Interest relief | 2 years at about 4% cash plus residual contractual PIK |
| Coupon after relief | Existing coupon plus 150bp |
| Petrobras | US$500M firm plus up to US$250M conditional trade credit; no Mexico use |
| LC support | US$572M Q3 roll plus US$300M incremental capacity |
| IG4 / Shine I | US$300M funded junior capital plus US$50M backstop; Idesa US$476M does not count |
| Creditor warrants | 15%, stepping to 22.5%, including a Mexico-leakage trigger |
| Initial principal haircut | None |
| Minimum liquidity | US$750M interim and US$1.0B final, after remaining Idesa cash |
| Mexico | Separate prepack; parent contribution capped at disclosed US$476M |
Archived outcome view
No Q3 result is assumed. Remaining Idesa cash of about US$350M is treated as a parent use. US$586M is the June-plan case. US$750M and US$1.0B are sensitivities only.
Publication review
The raw mediator used 17.5% warrants stepping to 25%, 42% base EJ and 28% RJ. The published base restores 15% warrants stepping to 22.5%, assigns 48% to the base EJ and 23% to RJ. The more punitive terms remain the creditor-favorable case. Idesa closed Mexico contagion and used parent cash at the same time.