SAO PAULO, June 24 (Reuters) – Brazil’s petrochemical firm Braskem is expected to file a protective injunction against its creditors’ claims on Wednesday, local newspaper Valor Economico reported, citing unnamed sources.
A source told Valor the intention is to seek, after obtaining protection, support from creditors for an out-of-court restructuring. Braskem declined to comment.
Earlier in June, private equity management firm IG4 Capital and Brazilian state-run oil company Petrobras became the co-controllers of Braskem, completing a deal signed in April.
The deal marked the end of a long process, following several failed attempts by Novonor, formerly known as Odebrecht, to sell its stake in the petrochemical company.
(Reporting by Fernando Cardoso; Editing by Chris Reese)
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