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Braskem Idesa Nears Chapter 11 Filing with $250mn DIP Financing
May 18, 2026
Braskem Idesa, the Mexico-based petrochemical JV between Brazil’s Braskem and Grupo Idesa, is closing in on a ~$250mn debtor-in-possession (DIP) loan as it prepares to file for Chapter 11 bankruptcy protection. The company had missed interest payments on its dollar bonds due 2029 and 2032. Having operated below capacity, Braskem Idesa had to forfeit gains from favourable crude price movements. The management is seeking to lock in a deal while petrochemical spreads are widening on the back of Middle East war, potentially helping improve the company’s earnings outlook post-restructuring.
Separately, executives from Petrobras (Braskem’s key shareholder) met with Braskem Idesa’s management in Mexico to discuss balance sheet structure and future commercial arrangements. This comes in the midst of Petrobras’ broader ambition to deepen ties with Pemex.
Braskem Idesa’s 7.45% 2029s are trading stable at 69.4, yielding 18.4%. Braskem’s 4.5% 2028s are also trading steady at 66.1 cents on the dollar.
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