August 9, 2019 / 10:27 PM / 3 months ago

Brazil's Braskem says court unfreezes 3.7 bln reais from its accounts

SAO PAULO, Aug 9 (Reuters) - Brazilian petrochemical producer Braskem SA said on Friday a local court accepted its request to free up 3.7 billion reais from its accounts that had been frozen since June, according to a securities filing.

The resources had been blocked to guarantee that enough funds were available to compensate residents of Maceió, the capital of northern Alagoas state, where a mining operation by Braskem is accused of causing damage to houses and buildings.

Braskem said it will make available to the court an insurance of similar value. (Reporting by Marcelo Teixeira; Editing by Sandra Maler)

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