Daily Distressed Update, 13 Nov 2026
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- Americas: Braskem’s board is set to weigh a new creditor proposal ahead of a Nov. 22 deadline for an out-of-court restructuring. Talks hinge on fresh capital versus debt-to-equity conversion. A judicial reorganization remains possible if no deal is reached.
- Bankruptcy: Mercer International cut to D by Fitch after its Chapter 11 filing. The plan swaps about $1.1bn of senior notes mainly for common and preferred equity, with noteholders keeping $150m of takeback senior secured notes.
- EMEA: Holders of over half of a CHF127.2m, 40-year-old SAS perpetual note say it survived the airline’s 2022 Chapter 11, which was never recognised in Switzerland. They are moving to enforce, which could complicate Air France-KLM’s plan to take 60.5%.
- EMEA: Tullow says constructive talks continue with Ghana over $196.5m of taxes an ICC arbitration found it owes. Ghana may seek a 100% penalty, which would take the total liability to $393m.
- Funds: Canada Pension Plan Investment Board plans to roughly double its hedge fund allocation to about $160bn over the next five to seven years.