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Marabraz and Braskem Idesa file for bankruptcy protection
Marabraz has filed for bankruptcy protection to reorganize R$ 140 million in debts, while Braskem Idesa is doing so in the U.S. to restructure operations without affecting them.
The furniture and appliance chain Marabraz has filed for bankruptcy protection in the 3rd Bankruptcy Court in São Paulo. The urgent filing aims to renegotiate debts totaling around R$ 140 million, according to information provided by the company.
The bankruptcy protection request includes five companies in the group, including Comercial de Móveis Jordanésia and S.V.C. Jaraguá Comercial, as reported by g1. The company seeks financial reorganization to address the current crisis.
At the same time, Braskem Idesa, a joint venture between Braskem and Mexico's Grupo Idesa, has also sought bankruptcy protection in the United States. The company filed under Chapter 11, which is similar to bankruptcy protection in Brazil.
Braskem Idesa has stated that it aims to complete the bankruptcy process within 60 to 90 days and emphasized that its operations will not be impacted by the restructuring. This statement was made in a recent announcement, as reported by Folha de S.Paulo.
These bankruptcy protection requests occur against a backdrop of financial difficulties faced by both companies, which are seeking strategies to reorganize their operations and ensure the continuity of their activities.