Braskem Idesa, S.A.P.I. has filed for Chapter 11 in the U.S. Bankruptcy Court for the Southern District of Texas after securing a consensual restructuring agreement with Braskem, Grupo Idesa, term loan lenders and a majority of bondholders, including an ad hoc creditor group. The plan would reduce total senior debt to about US$1.6 billion from about US$2.5 billion, a cut of more than US$900 million, and includes a US$476 million capital contribution from Braskem, including funds deployed before the filing. The Mexican petrochemical producer expects to complete the process in 60 to 90 days, continue normal operations, pay employees and creditors in the ordinary course subject to court approvals, and emerge with Braskem retaining a majority stake and Idesa and its affiliates remaining the largest minority shareholder as the company works to ramp up production and normalize operations.