BRAZIL · CORPORATE
Key Facts
—The headline: Raízen detailed an extrajudicial Raízen recovery plan covering 65.4 billion reais of debt on Thursday, sending its RAIZ4 preferred shares to a 19.05 percent closing loss at 0.34 reais.
—The debt: The Cosan-Shell joint venture reported total debt of 75.35 billion reais, with 65.4 billion reais subject to the formal extrajudicial restructuring process.
—The dilution: Under option A, 45 percent of the restructured debt converts into equity at 0.25 reais per share, with creditors ending up controlling roughly 83 percent of the company on UBS BB analysis.
