We maintain Underweight on Braskem following the involuntary Chapter 11 petition filed against Braskem America Finance Company (BAFC), issuer of the 7.125% 2041 notes. We view the filing as credit negative. It introduces a separate US proceeding into the restructuring of approximately US$10.9bn of financial obligations, increasing the potential for delays and disputes over creditor recoveries without addressing Braskem’s liquidity needs. We downgrade the 5.875% 2050s to Underweight from Neutral. Although the notes remain our preferred instrument within the Dutch-issued curve, we no longer see sufficient compensation for uncertain recoveries, the potential priority of new financing and a prolonged restructuring process. These risks have increased since September. The October 9 milestone passed without agreement, the reported US$1.0bn shareholder proposal was rejected without a publicly announced binding alternative, and the separate US proceeding could extend the restructuring timeline. The 2050s share the same issuer and parent guarantee as the other Dutch-issued notes, and we see no established basis for assuming materially more favorable treatment. Our September Neutral also reflected their substantial discount to the 2031s, which has narrowed to 6.5 points from 14.8 points.