The settlements would see creditors give up as much as $475 million, thereby removing one of the main obstacles to restarting Chemaf, which reports have suggested will reopen in January. About $330 million of debt would remain at Chemaf after the settlements. Existing creditors are absorbing the immediate cost of the turnaround by accepting less than they are owed. Siddharth Gadekar, an analyst at Equirus Securities, told Semafor the value of the deal now depends on Chemaf returning to production. “If they are successful in restructuring the debt, then this can be a very big turnaround story,” he said.