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Raizen’s Creditors Push For $1.6bn Capital Injection
April 17, 2026
Raízen SA’s bondholders have put forward a new restructuring proposal that includes a capital injection of roughly BRL 8bn ($1.6bn) and the removal of founder Rubens Ometto as chairman, according to sources. Creditors, who stand to become major shareholders through a potential debt-for-equity swap, are seeking up to a 90% stake in exchange for retiring 45% of the company’s debt. This proposal is expected to meet resistance. Controlling shareholders Shell and Cosan have already pushed back on demands for additional funding during recent talks last week. Shell had earlier committed BRL 3.5bn ($700mn) and Ometto committed BRL 500mn ($100mn) toward the restructuring. A prior proposal offered creditors up to 70% of common shares. Raízen filed for an out-of-court restructuring in March with a BRL 65bn ($13bn) debt load, and has been negotiating to avoid a formal bankruptcy filing ahead of a June 6 deadline. The company’s financial strain stems from high interest rates, heavy investments that have yet to yield returns, and operational challenges in its sugar and ethanol businesses.
Raízen’s dollar bonds were trading stable with its 6.45% 2034s at 53.6 cents on the dollar, yielding 16.8%.
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