By Brazil Stock Guide — Before selling a growth story, Braskem (BRKM3) will have to prove a recovery story.
The petrochemical company said it received a notice from Shine I, a fund linked to IG4, about the signing of the first amendment to the new shareholder agreement entered into with Petrobras. The document was presented as a governance adjustment. But its content points to something more direct: the company is strengthening its tools for a financial restructuring.
The main change is the creation of a statutory Transformation Office. The new role will be responsible for coordinating and leading the company’s financial transformation process. In practice, it is a function similar to that of a restructuring executive.
The allocation of positions reinforces that reading. Under the agreement, IG4’s fund may nominate the chief financial and investor relations officer, the general counsel and the new transformation officer. These are the three most relevant areas for a company that needs to reduce leverage, review assets, negotiate financial alternatives and recover flexibility.
Petrobras will remain in Braskem’s shared-control structure. But the governance design suggests that execution of the financial adjustment will be strongly in the hands of the new private investor.
Another important point is the change in crisis decisions. The agreement transfers to the board of directors the authority to deliberate on a potential out-of-court restructuring. In urgent cases, the board may also decide on a judicial recovery filing or bankruptcy confession, under Brazil’s Corporate Law.
This opens a door to protection from creditors, leaving the path ready if the financial situation requires a rapid response.
The document also sets an objective target: bringing the net debt-to-Ebitda ratio to 2.5 times or less for three consecutive quarters. This becomes one of the main numbers to measure the success of the turnaround.
There is also a relevant detail on Alagoas. The agreement says the geological event will not be treated as extraordinary in the calculation of Ebitda. In other words, Braskem’s largest contingency will remain inside the company’s financial reality — not outside it.
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