巴西石化公司 Braskem 的债权人和股东正逐步接近一项重组约 110 亿美元债务的协议，据知情人士透露。
Braskem’s creditors and shareholders are moving closer to a deal to rework some $11 billion of debt, according to people familiar to the matter.
根据周六披露的谈判文件，该石化公司与债权人双方的提案均设想进行后续股权发行，由主要股东和第三方注资，同时债权人实施债转股。文件显示，在债权人的提案中，股东初始注资和债权人债转股合计约 40 亿美元；在 Braskem 的提案中，该金额约为 50 亿美元。一位知情人士表示，这是双方在庭外重组谈判中最接近达成协议的一次，该人士因谈话属私密性质而要求不具名。
Proposals from both the petrochemical company and creditors envisage a follow-on equity offering with a capital injection from main shareholders and third parties and a simultaneous debt-to-equity swap by creditors, according to documents on the negotiations released Saturday. The initial capital injection by shareholders and the creditor’s debt-to-equity swap would be about $4 billion under the creditors’ proposal and about $5 billion under Braskem’s proposal, the documents show. That’s the closest to a deal that the two sides have ever been during talks on an out-of-court restructuring, one of the people said, asking not to be named because conversations are private.
知情人士称，尽管双方取得进展，但提案仍存在重大分歧，协议并非板上钉钉。
While the sides have made progress, significant differences remain in the proposals and a deal isn’t guaranteed, the people said.
文件显示，在公司提案中，债权人将转股 28 亿美元，而股东和第三方将承诺在一项可能于今年进行的 22.5 亿美元后续发行中注资 12 亿美元。如为达成特定指标所需，股东将追加注资最多 5 亿美元，债权人将在 2029 年 6 月追加出资和债转股最多 15 亿美元。
In the company’s proposal, creditors would convert $2.8 billion in equity, while shareholders and third parties would commit to inject $1.2 billion in a $2.25 billion follow-on offering probably this year, the documents show. If needed to achieve certain metrics, shareholders would do an additional injection of as much as $500 million and creditors would contribute as much as $1.5 billion in capital and debt conversion in June 2029.
债权人同意 22.5 亿美元的后续注资，但建议其中 18.5 亿美元应由主要股东或第三方提供担保承诺，前提是该承诺当前即已作出。他们表示，除主要股东外可能提供担保承诺的任何第三方，将在方案获批前接受债权人审批。
Creditors agree to a follow-on capital injection of $2.25 billion, but suggested that $1.85 billion should be backstopped by the main shareholders or third parties, as long as the commitment is provided now. Any third party other than the main shareholders that may provide backstop commitments will be subject to creditor approval prior to plan approval, they said.
债权人还提议预先债转股 18.5 亿美元，并在必要时承诺于 2029 年 6 月追加 4.5 亿美元以上。
Creditors also proposed an upfront debt-to-equity conversion of $1.85 billion with a commitment of more $450 million in June 2029 if necessary.
根据该公司的提议，巴西国家石油公司（Petrobras）和IG4 Capital Group将保持对Braskem的控制权和管理权。
In the company’s proposal, Petrobras and IG4 Capital Group would maintain control and management of Braskem.
IG4拒绝置评。巴西国家石油公司未立即回复置评请求。Braskem表示，仍在与债权人就其庭外重组进程进行谈判，拒绝进一步置评。
IG4 declined to comment. Petrobras didn’t immediately reply to messages seeking comment. Braskem said it remains in negotiations with creditors regarding its out-of-court restructuring process and declined to comment further.
知情人士称，谈判仍在继续，许多细节仍需敲定。虽然双方有截至11月22日的时间达成协议，但知情人士称，预计会更早达成。
Talks are continuing and many details still need to be sorted out, the people said. While both sides have until Nov. 22 to reach an agreement, there’s an expectation that would happen sooner, according to the people.
Braskem于8月申请庭外重组。当时法院文件中列出的框架包括主要股东或商定的第三方承诺在所谓的宽限期后提供或担保新增股权，但金额、结构和时间仍未确定。
Braskem filed for an out-of-court restructuring in August. A framework laid out in court documents at the time included a commitment by the main shareholders or agreed third parties to provide or backstop fresh equity after a so-called relief period, though the amount, structure and timing remained open.
自那时起，该公司与一组债券持有人一直在进行激烈谈判，以制定最终重组方案并避免破产申请。此前，债券持有人曾要求控股股东巴西国家石油公司和IG4 Capital Group注资30亿美元，但遭股东拒绝。
Since then, the company and a group of bondholders have been engaged in intense negotiations to come up with a final restructuring plan and avert a bankruptcy filing. Previously, bondholders asked controllers Petrobras and IG4 Capital Group for $3 billion in fresh capital, which has been rejected by shareholders.