Raízen Reaches Agreement with Creditors to Restructure $12.6 Billion Debt

Raízen, a Brazilian sugar and ethanol producer controlled by Shell and Cosan, has reached a deal with creditors to restructure around $12.6 billion in debt. The agreement, which was accepted by creditors holding 47% of the debt, suspends debt obligations and gives Raízen 90 days to secure support from the remaining creditors for a more comprehensive plan. The deal ends months of turmoil for Raízen, whose bonds fell to distressed territory amid concerns over its debt burden.