Brazilian state-run oil company Petrobras said on Wednesday it will analyze all offers presented for Braskem but believes that discussions on a potential sale of the petrochemical producer are still far from over, Reuters reported. Petrobras is one of Braskem’s main shareholders alongside conglomerate Novonor, which holds a controlling stake in the firm but has long looked to sell it to repay creditors after entering bankruptcy protection. Three offers so far have been presented for control of Braskem: a joint bid from Abu Dhabi's ADNOC and U.S.
The spectre of rising corporate debt defaults exacerbating a global economic slowdown has for months been largely brushed aside by resilient credit markets, Reuters reported. Now, long-feared corporate debt woes are starting to hit home, while more companies are being downgraded to a junk credit rating — facing higher borrowing costs as a result. Retailer Casino, with 6.4 billion euros ($7.19 billion) of net debt, is in court-backed talks with creditors; Britain's Thames Water is in the headlines with its 14 billion pound ($18.32 billion) debt pile.