Braskem SA has reportedly reached an agreement with its main creditors to pursue an out-of-court debt restructuring, according to O Estado de Sao Paulo.

Braskem SA, a troubled petrochemicals producer, expressed optimism regarding its ongoing negotiations with creditors as it works to restructure its finances before a looming deadline.

Braskem SA's debt talks with creditors are intensifying but have yet to yield an agreement, with a court-ordered shield from enforcement actions set to expire in three days.

Petrochemicals maker Braskem SA reported better-than-expected second-quarter results, benefiting from war-related disruptions to petrochemical supplies from the Persian Gulf and Asia despite its own cash challenges.

Braskem Idesa SAPI, a joint venture between Brazil's Braskem SA and Mexican tycoon Carlos Slim's conglomerate, has filed for Chapter 11 bankruptcy protection in the US due to mounting financial strain and a liquidity crunch.