Creditors of Brazil’s Braskem Race to Organize Amid Bond Slump

Braskem SA bondholders are rushing to form a group after the Brazilian petrochemical company hired advisers to review its capital structure — a step that caught investors by surprise and sent its dollar notes tumbling on Friday.

Creditors have approached Moelis & Co. and Houlihan Lokey as they brace for possible restructuring talks, according to people familiar with the matter, who asked not to be identified because the talks are private. The negotiations are in their initial stage and there hasn’t been an official mandate, they added.