Brazil's Braskem weighs out-of-court restructuring plan to deal with sizable debt

Brazilian petrochemical producer Braskem is assessing alternatives to renegotiate its debt, and an out-of-court restructuring plan is among the most likely options at the moment, newspaper Valor Economico reported.

The potential plan would require approval from creditors and shield Braskem from debt enforcement, the report said.

The firm, which has conglomerate Novonor and state-run oil firm Petrobras as its main shareholders, said last week it had hired financial and legal advisors to evaluate options to optimize its capital structure.

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