Raizen Secures $13 Billion Debt Deal With 75% Creditor Support
Updated
Updated · Bloomberg · Jun 5
Raizen Secures $13 Billion Debt Deal With 75% Creditor Support
1 articles · Updated · Bloomberg · Jun 5
Summary
Raizen reached an out-of-court agreement to restructure about 65 billion reais ($12.6 billion) of debt, a key step in the Brazilian sugar-and-ethanol producer’s effort to rework its balance sheet.
75% of the obligations covered by the plan are backed by creditors supporting the deal, according to people familiar with the matter.
Brazilian court procedures have already started, with the company submitting documents to formalize the restructuring.
The agreement keeps the process out of a full court-led restructuring while still requiring judicial filing to advance the debt overhaul.