Creditors of Brazil's Braskem skeptical of Tanure bid, say sources

By Luciana Magalhaes

SAO PAULO, May 29 (Reuters) - Brazil's government and major banks, key creditors of Braskem BRKM5.SA, are so far skeptical of a bid by businessman Nelson Tanure to acquire a controlling stake in the petrochemical producer, according to two people familiar with the matter.

For now, the lenders still prefer a plan in the works to restructure the company and over time sell the shares put up as collateral for outstanding loans, said the sources, requesting anonymity to discuss private deliberations.

The sources said the banks were surprised by Tanure's formal offer for a controlling stake in Braskem, made Friday, and have yet to meet with him to discuss it. A third source added that Tanure is visiting heads of these banks, but has not yet provided details of his bid.

The plan's financial details remain under wraps. In a statement, Tanure said he is committed to long-term investment in Braskem.

Before the proposal, the banks, including Brazil's state development bank BNDES, had been in talks with specialized firms, such as Geriba Investimentos and IG4 Capital, that focus on alternative investments or special situations, sources said.

BNDES and IG4 Capital declined to comment. Geriba did not reply to requests for comments.

The plan was to engage an investment firm to restructure Braskem, with an aim to boost its market value and allow creditors to sell their shares gradually over time, recouping the debts owed by Novonor.

The banks had not yet finalized contracts with any of the potential investment firms they had been in discussions with, according to the sources. One of the sources also noted that the Brazilian banks were still open to exploring other options, and could potentially engage partners beyond those they had already approached.

Novonor, formerly known as Odebrecht, has unsuccessfully sought a buyer for Braskem for years, following a major corruption scandal about a decade ago. At the time, it pledged Braskem's shares as collateral to secure 15 billion reais ($2.65 billion) in bank loans.

The value of these shares has since plummeted, leaving them worth less than a third of the outstanding debt.

On Friday, Novonor confirmed it received a non-binding proposal from an investment fund linked to Tanure and entered into an agreement. It also noted that the proposal was subject to certain conditions, including the completion of negotiations with creditor banks and fulfillment of Novonor's obligations to oil company Petrobras, Braskem's second largest shareholder.