Odebrecht remains committed to creditors and starts to prepare the sales of Braskem’s stock

Friday, August 7th, Odebrecht S.A. announced the preparation for the structuring of the process of private transfer of full or partial stock of Braskem, largest resin manufacturer in the Americas. Odebrecht S.A. is the holding company Braskem, holding 38.3% of the total capital (50.1% of the voting capital).

The announcement on the preparation of Braskem’s sales process is a demonstration that Odebrecht is complying with the commitments assumed with their creditors during the negotiation of the Court-Supervised Reorganization Plan, approved on a general meeting with creditors on April 22nd, and confirmed by the Justice on July 27th.

Odebrecht should sell their interest in Braskem in up to three years. As this is a complex and long process, it needs to be structured well in advance. The decision to start it was informed by Odebrecht S.A’s CEO, Ruy Sampaio, to Braskem’s CEO, Roberto Simões, who immediately informed the market.