Aug 18 (Reuters) – Mexican petrochemical firm Braskem Idesa, a joint venture of Brazil’s Braskem and Mexico’s Grupo Idesa, filed for Chapter 11 bankruptcy in the U.S. on Tuesday after reaching agreements with creditors to cut debt by more than $920 million.
The company said it expects to emerge from its bankruptcy proceedings within 60 to 90 days, adding that its day-to-day operations would continue to operate as normal and without interruption.
(Reporting by Anusha Shah in Bengaluru; Editing by Rashmi Aich)
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