Braskem (BAK) filed for out-of-court restructuring Monday, which involved more than $10 billion in debt, Reuters reported, citing people familiar with the matter.

The filing, which comes as the petrochemical company's 60-day creditor protection period expires, provides an additional 90 days to negotiate a final restructuring plan with creditors, according to the report.

Approval for the restructuring requires support from at least 50% of creditors plus one, while the filing requires consent from 33% of creditors, Reuters reported, adding that roughly $7 billion of Braskem's debt is held by bondholders who previously objected to its initial proposal to extend maturities and payments.

Braskem didn't immediately respond to a request for comment from MT Newswires.

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