Impasse with creditors and new legal risks in Alagoas bring down Braskem shares

The difficulties in moving forward with a debt restructuring and the new concerns surrounding the disaster in Maceió weigh on Braskem this Thursday (18), leading the petrochemical company's shares to fall almost 12% and renew the year's low.
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Analysts at UBS BB drew attention to Braskem's challenging financial situation in the short term, highlighting that uncertainties surrounding the company's ability to manage its most immediate obligations should continue to cause fluctuations in shares, despite a more favorable environment for margins in the petrochemical sector.
At the intraday high of the year, in early March, Braskem shares reached R$13.78. This Thursday, around 2:35 pm, the shares fell 8.36%, to R$7.67. At the day's low, they were traded at R$7.40, the lowest intraday level since December 19, 2025.
According to a Bloomberg report published on Wednesday, Braskem and its new controlling shareholder, IG4 Capital, have been finding it difficult to obtain sufficient support from creditors to carry out an extrajudicial debt restructuring proposal.
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According to sources heard by the agency, some of the creditors are resisting the terms presented by the company considering that they favor certain groups to the detriment of others.
Concerns were also raised about the guarantees offered by Braskem and the lack of an alternative that would allow creditors to convert part of the debt into a stake in the company.
Sources interviewed by Veja magazine stated that the company is ruling out resorting to judicial recovery and continues to seek an agreement with creditors. BB.
"Although we consider that the company can overcome these challenges and achieve a more constructive perspective in the medium and long term, the uncertainties along this path support our neutral recommendation", they added in a report to clients.
Earlier this month, Braskem shareholders approved changes to the company's bylaws that authorize the board of directors to decide on a possible request for extrajudicial recovery.
In urgent situations, the board may also deliberate on a request for judicial recovery or even on the confession of bankruptcy.
On another front, the Federal Court in Alagoas made the petrochemical company and former managers defendants in a process that determines responsibility for the socio-environmental disaster in Maceió.
In analysts' assessment, the decision could increase investors' concerns about legal risks and damage to the company's image.
Breaking of Braskem's mine 18 occurred under the Mundaú lagoon; The dike that was there sank with the soil
Secom Alagoas

Source: G1