Braskem Weighs an Out-of-Court Restructuring as an August Deadline Nears

Braskem’s bond tender and exchange offer were rejected by creditors, who say the restructuring lacked equal treatment and a new capital injection and that they had not reached the one-third support needed for an out-of-court deal. Creditors are pressing Petrobras, which holds a 36.1% stake, to provide fresh funding. Braskem has a 60-day court protection shield and missed July and August interest payments.

Braskem S.A. said its new controlling owners, including Shine I Investment Fund via IG4 and Petrobras, have filed with Brazil’s CVM and B3 to launch a tender offer to buy all remaining ordinary and preferred shares. The offer follows Petrobras and IG4’s purchase of control from a Novonor-linked entity. The deal is still shadowed by Maceió subsidence liabilities.

Banco Safra, a creditor of Braskem, appealed in São Paulo bankruptcy court to suspend the transfer of Braskem control to an IG4 Capital–advised fund. Safra says the deal’s debt-shield mechanism should apply only to competitive auctions and challenges the control-price method. Braskem’s seller Novonor disputes Safra’s standing. Braskem reported net debt of about $7.5B.

Intel (INTC) priced a $20 billion stock offering, upsized from $15 billion, after orders exceeded $100 billion, according to Bloomberg. Shares fell about 4% on announcement, but the final price was $95 per share, a 6.5% discount. Intel expects about $19.7 billion net proceeds, with proceeds tied to higher 2026 capex and 14A progress, per company and Bank of America.

Outlook Therapeutics (OTLK) shares fell about 24% to $0.84 after the company priced a public offering of 55.56 million shares plus warrants for gross proceeds of about $55 million. Shares and warrants were priced at $0.99 each; warrants are exercisable at $1.10 for five years. Proceeds will fund the U.S. launch of LYTENAVA and general corporate needs.

Advanced Micro Devices plans to raise up to $5 billion via an investment-grade bond offering, potentially its largest. Notes would be sold in four tranches with maturities of 3 to 10 years, with initial price talk for the longest tenor at a 1.15 percentage point yield premium over Treasuries. Proceeds will fund general corporate expenses, possibly including debt repayment.