A rootThe company, a sugar and ethanol producer and fuel distributor, filed for out-of-court restructuring as part of negotiations with creditors to restructure its debt, estimated at around R$ 65,1 billion.
In a statement to the market, the company informed that the request was filed in the São Paulo Capital District and that the plan already has the support of creditors representing more than 47% of unsecured financial debts.
From now on, the company will have up to 90 days to obtain the minimum necessary support from creditors for the plan to be approved by the court. According to Raízen, the out-of-court restructuring has a limited scope and will not affect commitments to customers, suppliers, resellers, and other business partners of the group.
In recent months, Raízen had been facing increasing financial pressure, resulting from a combination of factors such as high investments, adverse weather conditions, and forest fires, which affected sugarcane crops and reduced milling volumes.
Last week, the company had already signaled to the market that it might resort to an out-of-court restructuring process as a way to address its debt crisis. Raízen is a company controlled by the Cosan and Shell groups, which each hold a 44% stake in the company.
With information from Reuters Agency
all the content of Canal Solar is protected by copyright law, and partial or total reproduction of this site in any medium is expressly prohibited. If you are interested in collaborating or reusing part of our material, please contact us by email: redacao@canalsolar.com.br.
