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Raízen’s Creditors Said to Demand 90% Stake in Debt-to-Equity Swap
April 14, 2026
Raízen’s creditors are said to have demanded a 90% equity stake in the company in exchange for 45% of its debt under the debt restructuring plan, as per sources. This compares to the 70% stake that Raízen is said to have proposed for creditors to receive in a potential debt-to-equity swap. The company filed for an out-of-court restructuring in March amid its $13bn (BRL 65bn) debt load. Its controlling shareholders Cosan and Shell have resisted demands for further capital injections into Raízen. Moreover, sources noted that major lenders including Itaú Unibanco and Bradesco, have reportedly threatened to halt lending to other Cosan-owned entities unless a favorable deal is reached. Besides, creditors are also seeking greater management oversight following a series of earnings misses. The deadline to finalize an out-of-court settlement and avoid a formal bankruptcy filing is on June 6.
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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