Braskem's (BAK) creditors balked another restructuring proposal as the company faces an Oct. 9 deadline to rework about $11 billion of debt, Bloomberg reported Wednesday, citing people familiar with the matter.

Shareholders offered about $1 billion in fresh capital, but only if Braskem significantly reduces its debt, according to the report. Creditors viewed the terms as insufficient, Bloomberg said.

A deal by the deadline is seen as unlikely, with creditors potentially able to seek an end to the out-of-court process that could lead to bankruptcy, Bloomberg said.

Braskem did not immediately respond to MT Newswires' request for comment.

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