Braskem's (BAK) Mexican subsidiary, Braskem Idesa, has reached a deal with major stakeholders to restructure its obligations and cut debt by more than $920 million to about $1.6 billion, Braskem Idesa said Tuesday.

Under the deal with shareholders and lenders, the company has filed a prepackaged Chapter 11 petitions in US Bankruptcy Court for the Southern District of Texas, aiming to emerge within 60 to 90 days.

Braskem, the majority owner of Braskem Idesa through its joint venture with Mexico's Grupo Idesa, will contribute $476 million as part of the restructuring, allowing it to retain control of the reorganized company.