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Bond Market News
Raizen Reaches Out of Court Debt Restructuring Deal with Creditors Ahead of Deadline
June 8, 2026
Raízen has finalized an out-of-court debt restructuring agreement with creditors holding 75.5% of its obligations, marking a massive step in resolving its BRL 65bn ($12.6bn) debt load. Being Brazil’s largest-ever out-of-court restructuring, the deal encompasses 19 financial institutions and 80 major bondholders, successfully overcoming initial investor resistance ahead of a strict June 8 legal deadline. The finalized framework includes the following key components:
- 45% of its existing debt will convert into equity, with the remaining 55% into new debt instruments.
- Its sugarcane processing business will completely separate from the fuel distribution unit by the end of 2027.
- The plan incorporates a BRL 3.5bn ($680mn) injection from Shell and a potential BRL 500mn ($97mn) injection from Chairman Rubens Ometto.
This milestone comes after credit downgrades by S&P and Fitch earlier this year amid failed ethanol bets and weak harvests that pushed Raízen to file for a restructuring in March.
Raízen’s dollar bonds were trading weaker, with its 6.45% 2034s down by 1.1 points at 54.96, yielding 16.68%.
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