This site uses cookies to provide you with a great user experience. By using BondbloX, you accept our use of cookies.
Braskem’s dollar bonds tumbled by 3-5 points across the curve after it was notified Thursday of a BRL 1bn ($205mn) civil action lawsuit on potential damages from the imminent collapse of a mine operated by them in Maceió, Alagoas. Fitch had stated that the imminent collapse of the salt mine could materially impact the petrochemical company’s cash flows and put a downward pressure on its rating. Braskem’s Mine 18 had drilled to extract rock salt which later led to a danger of the mine collapsing. The Civil Defense of the region stated that the collapse of the mine was imminent and could open a crater with serious environmental consequences.