Raízen's $61.4 bn Debt Recovery Plan Approved by São Paulo Court
Brazil's São Paulo Court homologated Raízen's extrajudicial recovery plan on 30 July, authorising the restructuring of roughly R$ 61.4 billion of financial debt. The proposal received support from 81.6 % of the company's unsecured creditors and faced no objections.
The plan calls for a capital increase of between R$ 3.5 bn and R$ 4 bn, to be funded by Shell Brasil and Aguassanta Participações, the family office of Rubens Ometto. About 45 % of the restructured credits will be converted into equity units at R$ 0.50 per unit (or R$ 0.25 per share in some reports), while the remaining 55 % will be refinanced through new debt instruments. Additional measures include the separation of Raízen’s fuel‑distribution and bio‑energy businesses and the divestment of non‑strategic assets.
Entities: Aguassanta Participações · Bela Sementes · Belagrícola · Landco · Paraná Court · Pendu · Raízen · Rubens Ometto · Shell Brasil · São Paulo Court (3ª Vara de Falências e Recuperações Judiciais)
Claims
What the coverage asserts, and how well corroborated each claim is across sources.
- [● 7 SOURCES] 81.6 % of Raízen's unsecured creditors approved the plan.
- [● 7 SOURCES] The plan covers approximately R$ 61.4 billion of financial debt.
- [● 7 SOURCES] The São Paulo Court homologated Raízen's extrajudicial recovery plan on 30 July.
- [● 7 SOURCES] The plan includes a capital increase of R$ 3.5 bn to R$ 4 bn funded by Shell Brasil and Aguassanta Participações.
- [● 7 SOURCES] No creditor lodged an objection to the plan.
- [● 7 SOURCES] Approximately 45 % of the restructured credits will be converted into equity units at R$ 0.50 per unit.
- [● 7 SOURCES] The remaining 55 % of the credits will be refinanced via new debt instruments.
- [● 7 SOURCES] The restructuring includes segregation of Raízen's fuel distribution and bio‑energy businesses and a program of asset divestments.