Raizen Creditors Review 12.8 Billion Dollar Debt Plan
Creditors are reviewing a final proposal from the Shell and Cosan joint venture to restructure 65 billion reais in debt through equity conversions and cash injections. The plan includes a 3.5 billion reais capital contribution from Shell and offers three repayment alternatives to resolve liabilities.
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Raizen creditors began reviewing a final $12.8 billion out-of-court restructuring proposal on Wednesday to address the largest debt workout in Brazilian history. The 65 billion reais plan aims to stabilize the joint venture between SHELL PLC and COSAN SA -ADR following heavy capital spending and crop damage. The proposal seeks to resolve debt accumulated from adverse weather conditions and wildfires that damaged sugarcane crops.
