August 11, 2020 |
Brazilian engineering and construction conglomerate Odebrecht has started the process to sell its stake in petrochemical company Braskem after receiving court approval for its bankruptcy plan last week.
Braskem said in a securities filing on Friday that it received notification from Odebrecht that it had begun proceedings to sell up to the entirety of its stake in Braskem to "fulfill commitments" to its creditors under the proceedings.
Odebrecht received approval for its bankruptcy plan from the
Brazilian conglomerate is selling its part in the petrochemical company to repay creditors under a bankruptcy plan