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Sources say banks were surprised by Tanure's offer

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Lenders prefer restructuring, share sale plan, sources say

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Tanure says he is committed to long-term investment in

Braskem ( BAK )

By Luciana Magalhaes

SAO PAULO, May 29 (Reuters) - Brazil's government and

major banks, key creditors of Braskem ( BAK ), 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 ( BAK ), 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 ( BAK ).

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 ( BAK ), 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 ( BAK ) for years, following a major

corruption scandal about a decade ago. At the time, it pledged

Braskem's ( BAK ) 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 ( BAK ) second largest shareholder.