Brazilian engineering company Novonor, formerly known as Odebrecht SA, is considering a separate sale of petrochemicals producer Braskem’s U.S. business, newspaper O Estado de S. Paulo reported on Thursday.
Novonor said in April that it had resumed contact with bidders over a planned sale of its controlling stake in Braskem. Novonor, which filed for bankruptcy protection in 2019, plans to use the proceeds to pay the conglomerate’s creditors.
Braskem has plants in the United States, Brazil and Mexico.
Non-binding offers for Braskem are expected by the end of June, the report added.
Novonor did not immediately respond to a Reuters request for comment.
Source: Reuters.com