Braskem To Issue $230 Million Debt

Brazilian Braskem, Latin America’s largest petrochemicals manufacturer, has filed with the country’s securities commission (CVM) to issue $229 million-worth of local debt securities. The debentures will carry maturity of five years. The money raised it to pay short-term maturing debt and strengthen the company’s cash flow. Braskem recently posted second-quarter losses of $25 million, against profits of $200 million for the same period last year. The company has struggled this year in the face of the rising cost of raw materials needed and cheap imports from Asia.