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Raizen and its Creditors Work Towards a Revised Debt Restructuring Plan
April 13, 2026
Raízen and its creditors are working on a revised restructuring plan for its BRL 85bn ($12.5bn) debt pile. Creditors are pushing for greater governance influence over how the company is managed, as they stand to become significant shareholders through a potential debt-for-equity swap. However, controlling shareholders Shell and Cosan have resisted creditor demands for additional cash injections beyond what has already been committed. Shell agreed in March to inject BRL 3.5bn ($700mn), while Cosan founder Rubens Ometto pledged BRL 500mn ($100mn). Negotiations are expected to continue in the coming days, with a creditor counterproposal anticipated this week. The parties do face a legal cutoff of June 6 to reach an out-of-court settlement, which both sides prefer over a full bankruptcy filing.
Raízen’s dollar bonds were trading stable with its 6.45% 2034s at 53.7 cents on the dollar, yielding 16.7%.
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