Brazil’s B3 exchange removed Braskem from all its major stock indices at the close of trading on August 25, 2026, following the company’s filing for an extrajudicial recovery process to restructure approximately $10.9 billion in unsecured debt.
The exclusion affects indices including the Ibovespa, IBrX, IBrX-50, Small Caps, IGCX, IGCT, IMAT, INDX, ISEE, and Itag Along. Braskem’s weight in these portfolios will be redistributed proportionally among remaining constituents, triggering mandatory rebalancing for passive funds tied to the affected indices.
Braskem’s shares declined 6.71% on August 24 to R$4.73, and fell another 4.02% on August 25 to R$4.54, bringing the two-day drop to 10.7%. The company’s largest shareholders—Shine I, an IG4 fund holding 50.11% of voting capital, and Petrobras with 47.03%—retain their stakes.
The restructuring plan, disclosed via a fato relevante, targets only financial obligations and excludes supplier, client, and other stakeholder commitments, which Braskem stated are being met normally. Creditors representing 39.6% of the affected debt have initially supported the proposal, with a 90-day window to finalize agreements, extending into mid-November.
