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Raizen Preparing to Push Through Restructuring Plan, Sources Say
May 21, 2026
Raizen is said to be preparing to push through its extrajudicial restructuring plan, according to sources. The company is hoping to leverage upon a majority support from domestic banks and debenture holders who hold 36% and 22% of Raizen’s debt respectively, the sources added. They believe that it would be enough to clear the 50% threshold under Brazilian law despite offshore bondholders resisting current terms. The company faces a June 8 legal deadline with one bondholder group reportedly viewing a full bankruptcy filing as increasingly likely if no agreement is reached. The proposed plan aims to convert at least 45% of total debt into equity, transferring 75-85% of ownership to creditors, with a creditor committee overseeing management under CFO Lorival Nogueira Luz Jr. Raizen’s Chairman Rubens Ometto’s BRL 500mn ($100mn) capital contribution has effectively been taken off the table after creditors rejected his insistence on retaining the chairmanship. Shell, which co-owns Raizen alongside Cosan, remains committed to injecting BRL 3.5bn ($700mn) in the company. The restructuring follows a series of operational setbacks that was followed by several downgrades from both S&P and Fitch.
Raízen’s dollar bonds were trading stable with its 6.45% 2034s at 55.2 cents on the dollar, yielding 16.5%.
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