Braskem restructuring talks lack final agreement
The agreement-in-principle milestone for Braskem's updated plan was most recently extended to October 30, 2026.
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Rhea-AI Filing Summary
Braskem S.A. (BAK) said it and certain holders and investment managers of its Senior Notes and Debentures have exchanged information and indicative, non-binding proposals concerning an updated capital-structure plan. After meetings involving Braskem, its main shareholders and the investors, the parties had not reached agreement on final restructuring terms. Braskem expects discussions to continue.
Braskem filed a petition for extrajudicial reorganization on August 24, 2026. The filed Plan had participation from unsecured creditors representing 39.6% of the claims subject to it. It provides for an Updated Plan to be submitted within 90 days of the petition and includes negotiation milestones. The agreement-in-principle milestone was most recently extended to October 30, 2026. The proposals and terms remain non-binding and subject to negotiation and agreement among Braskem, its main shareholders and the Signatory Creditors, as well as required governance approvals.
Key Figures
Key Terms
extrajudicial reorganization regulatory
Updated Plan financial
Signatory Creditors financial
early termination rights financial
FAQ
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What is the status of BAK's restructuring discussions?
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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER PURSUANT
TO RULE 13A-16
OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of October, 2026
(Commission File No. 1-14862 )
BRASKEM S.A.
(Exact Name as Specified in its Charter)
N/A
(Translation of registrant's name into English)
Rua Eteno, 1561, Polo Petroquimico de Camacari
Camacari, Bahia - CEP 42810-000 Brazil
(Address of principal executive offices)
Indicate by check mark whether the registrant
files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ___X___ Form 40-F ______
Indicate by check mark if the registrant is
submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1). _____
Indicate by check mark if the registrant is
submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7). _____
Indicate by check mark whether the
registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ______ No ___X___
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- _____.
São Paulo, October 27, 2026.
To
B3 – BRASIL, BOLSA, BALCÃO (“B3”)
Praça Antônio Prado, 48, 2º andar
ZIP Code 01010-010, São Paulo, State of São Paulo
Ana Lucia da Costa Pereira
LISTING AND ISSUER OVERSIGHT DEPARTMENT
B3 S.A. - BRASIL, BOLSA, BALCÃO
C.C.: CVM - Securities Exchange Commission
MR. FERNANDO SOARES VIEIRA - SUPERINTENDENT OF CORPORATE RELATIONS
Ref.: letter No.328/2026-SLE dated October 26,2026 - BRASKEM - REQUEST FOR CLARIFICATION REGARDING NEWS REPORT PUBLISHED IN THE MEDIA
Dear Sir/Madam,
We refer to B3 Letter No. 328/2026-SLE (the “Letter”), dated October 26, 2026, pursuant to which you requested clarifications from Braskem S.A. (“Braskem” or the “Company”), as detailed below:
“Ref.: Request for clarification regarding news report published in the media
Dear Sir,
In a news article published by the newspaper Valor Econômico on October 24, 2026, under the headline “EXCLUSIVE: Braskem and creditors converge on a plan requiring a capital contribution this year, sources say”, it is stated, among other things, that:
• Braskem and its creditors have reached an agreement to extend certain deadlines set forth in the petrochemical company’s extrajudicial reorganization and are converging on a plan that contemplates a commitment by Petrobras to make a capital contribution, as well as the conversion of debt into equity interests, still this year, Valor has learned;
• As a result of the financial restructuring, which may occur in more than one phase, the largest resin producer in the Americas would become a corporation, listed on B3’s Novo Mercado segment, according to sources; and
• According to sources familiar with the negotiations, the current objective is for the main commercial terms of Braskem’s financial restructuring to be defined by October 30, whereas the previous deadline, which was not met, was October 9. The Company’s extrajudicial reorganization is scheduled to end on November 22.
We request clarification regarding the matters highlighted above by October 27, 2026, including confirmation or denial thereof, as well as any other information deemed relevant.”
The Company reiterates that, as disclosed in (i) the Material Fact dated September 26, 2025, it retained specialized financial and legal advisors to assist the Company in preparing a comprehensive assessment of strategic financial alternatives aimed at optimizing its capital structure; and (ii) the Material Fact dated June 25, 2026, the Company and certain holders and investment managers of one or more of the Senior Notes and Debentures issued or guaranteed by Braskem (“Investors”), together with their respective advisors, have been exchanging information and non-binding, indicative proposals regarding terms and conditions in the context of a potential reorganization of the Company's capital structure ("Restructuring").
In this context, in order to ensure a stable, protected and appropriate legal environment for the negotiation and implementation of the restructuring of its unsecured financial obligations and to continue discussions with its financial creditors, the Company, following the execution of the relevant documentation, filed, on August 24, 2026, a petition for extrajudicial reorganization (“Extrajudicial Reorganization”), which was assigned to the 2nd Bankruptcy and Judicial Reorganization Court of the Judicial District of the Capital of the State of São Paulo, as disclosed in the Material Fact issued on the same date.
As disclosed in the Material Fact dated August 24, 2026, the Company secured the participation in the extrajudicial reorganization plan that was filed (the “Plan”) of unsecured creditors who, collectively, represent 39.6% of the claims subject thereto (“Signatory Creditors”). The Plan, which is available on Braskem’s investor relations website and on the websites of the CVM and B3, establishes, among other things, the general parameters that will form the basis for negotiations among the debtors, their main shareholders and their financial creditors regarding the terms and conditions of an updated plan (the “Updated Plan”), to be submitted within 90 days from the filing of the petition for Extrajudicial Reorganization.
In addition, the Plan establishes certain milestones to be achieved during the negotiation of the Updated Plan, as well as certain early termination rights under the Plan for the benefit of the Signatory Creditors. One of these milestones is reaching an agreement in principle on the commercial terms and conditions of the Updated Plan among the debtors, their main shareholders and the Signatory Creditors. The deadline for reaching such agreement in principle has been extended from time to time, and the most recent extension postponed it to October 30, 2026.
In this regard, the Company reiterates that, as disclosed in the response to B3 Letter No. 293/2026-SLE published on September 25, 2026, and in the Material Fact disclosed on October 24, 2026, the Company and certain Investors, together with their respective advisors, have exchanged information and indicative and non-binding proposals regarding the terms and conditions of the Updated Plan. However, after several in-person meetings held during this period among Braskem, its main shareholders and the Investors, the parties have not yet reached an agreement regarding the final terms and conditions of the Restructuring. The Company expects to continue discussions and negotiations regarding the Updated Plan with the Investors and remains committed to maintaining a dialogue with them and its other financial creditors, with the objective of complying with the deadline agreed between Braskem and the requisite majority of Signatory Creditors under the Extrajudicial Reorganization Plan.
The terms, conditions and deadlines of the proposals that have been exchanged, as well as other parameters to be included in the Updated Plan, are non-binding and subject to negotiation and agreement by the Company, its main shareholders and the Signatory Creditors, and to the approvals required under the applicable governance.
The Company reaffirms its commitment to pursuing a consensual, structural and orderly solution for its capital structure, while ensuring the continuity of its operations in the ordinary course of business.
There being no further matters to address at this time, we remain at your disposal for any further clarification that may be required.
Additional information can be obtained from the Investor Relations Department by phone at +55 (11) 3576-9531 or by email at braskem-ri@braskem.com.br.
Sincerely,
Carlos Augusto Machado Pereira de Almeida Brandão
Chief Financial and Investor Relations Officer
Braskem S.A.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: October 27, 2026
| BRASKEM S.A. | |||
| By: | /s/ Carlos Augusto Machado Pereira de Almeida Brandão | ||
| Name: | Carlos Augusto Machado Pereira de Almeida Brandão | ||
| Title: | Chief Financial Officer | ||
FORWARD-LOOKING STATEMENTS
This Notice to the Market may contain forward-looking statements. These statements are not historical facts, but rather are based on the current view and estimates of the Company's management regarding future economic and other circumstances, industry conditions, financial performance and results, including any potential or projected impact regarding the geological event in Alagoas and related legal procedures on the Company's business, financial condition and operating results. The words “project,” “believe,” “estimate,” “expect,” “plan”, “objective” and other similar expressions, when referring to the Company, are used to identify forward-looking statements. Statements related to the possible outcome of legal and administrative proceedings, implementation of operational and financing strategies and investment plans, guidance on future operations, the objective of expanding its efforts to achieve the sustainable macro objectives disclosed by the Company, as well as factors or trends that affect the financial condition, liquidity or operating results of the Company are examples of forward-looking statements. Such statements reflect the current views of the Company's management and are subject to various risks and uncertainties, many of which are beyond the Company’s control. There is no guarantee that the events, trends or expected results will actually occur. The statements are based on various assumptions and factors, including, but not limited to, general economic and market conditions, industry conditions and operating factors, availability, development and financial access to new technologies. Any change in these assumptions or factors, including the projected impact from the joint venture and its development of technologies, from the geological event in Alagoas and related legal procedures and the unprecedented impact on businesses, employees, service providers, shareholders, investors and other stakeholders of the Company could cause effective results to differ significantly from current expectations. For a comprehensive description of the risks and other factors that could impact any forward-looking statements in this document, especially the factors discussed in the sections, see the reports filed with the Brazilian Securities and Exchange Commission (CVM). This Notice to the Market does not constitute any offer of securities for sale in Brazil. No securities may be offered or sold in Brazil without being registered or exempted from registration, and any public offer of securities carried out in Brazil must be made through a prospectus, which would be made available by Braskem and contain detailed information on Braskem and its management, as well as its financial statements.