Elliott, SVP Global Buy Braskem Debt as $1.35 Billion Restructuring Talks Advance
Updated
Updated · Bloomberg · Jun 18
Elliott, SVP Global Buy Braskem Debt as $1.35 Billion Restructuring Talks Advance
1 articles · Updated · Bloomberg · Jun 18
Summary
Elliott Investment Management and SVP Global recently bought Braskem debt, taking positions as the Brazilian petrochemical maker seeks creditor backing for a restructuring plan.
The purchases included portions of Braskem’s revolving credit facility from existing lenders, while Elliott also accumulated some of the company’s international bonds, according to people familiar with the transactions.
Those trades place distressed-debt investors inside a capital structure under negotiation, potentially giving them influence as Braskem races to line up support for the deal.
Braskem’s debt has drawn fresh attention because the company is already in restructuring talks, making creditor positioning a key signal for how the process may unfold.