Braskem SA’s dollar notes slumped on Friday after the company said it hired financial and legal advisers to find ways to improve its capital structure, as it grapples with the effects of a downturn in the petrochemicals sector and fallout from a years-long environmental disaster.
Notes due in 2030 nosedived as much as 13 cents on Friday to trade at 40 cents on the dollar, according to Trace data. The yield on the notes surged to 30%, Bloomberg compiled data show.