Key Facts
—The deal. Raizen closed the largest out-of-court (extrajudicial) debt restructuring in Brazil’s history, covering about R$64.7 billion (US$12.7 billion).
—The backers. Shell is injecting R$3.5 billion (US$686 million), with a possible extra R$500 million (US$98 million) from the Ometto family’s Aguassanta.
—The support. The plan won backing from 19 banks and more than 80 bondholders, with about 75% creditor adhesion.
—The terms. About 45% of the restructured debt converts into equity; the rest is refinanced into new notes maturing in 2032 and 2034.
