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Unigel is preparing to file for bankruptcy in Brazil as it failed to reach a mediation with creditors, according to some sources. The court had granted 60-day protection from creditors on 14 December 2023. In November 2023, the company had missed a coupon payment of $23.2mn and its rating was cut to default by S&P and Fitch. The company had reported weak results earlier in May 2023, resulting in a covenant breach and local creditors accelerating the early maturity payments of its debt obligations.
Unigel’s 8.75% 2026s continues to trade at distressed levels of 24.4 cents on the dollar.
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