Brazilian court allows petrochemical maker Braskem to pay dividends

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SAO PAULO, June 13 (Reuters) - Brazilian petrochemical producer Braskem said on Thursday an appeals court overturned a decision blocking dividend payments.

In a filing, Braskem said the court's favorable ruling was handed down after the company offered financial guarantees. Braskem dividends are one of the few sources of cash available to Odebrecht SA, its controlling shareholder.

A failed effort to sell Braskem to LyondellBasell Industries NV has complicated the restructuring of Odebrecht's debt. Braskem was forbidden in April by a lower court to pay 2.3 billion reais ($596.5 million) in dividends.

($1 = 3.8557 reais)

This article appears in: Fundamental Analysis , World Markets , Stocks , Economy , Technology

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