Raizen’s debt holders was 90% of the company in exchange for 45% of debt restructing
In Brazil, Bloomberg reports Raizen isn’t out of the water yet as debt holders have demanded 90% of the company in exchange for refinancing just 45% of the company’s debt, compared to the previous 70% that Raizen had already offered for the debt to equity swap. Unibanco and Banco Bradesco are threatening to stop financing other Cosan entities if a resolution for Raizen hasn’t been sorted out soon. BTG bailed out the company in January but it wasn’t enough to keep it from seeking an out-of-court restructuring in March.
Category: Fuels
