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Raizen Pushes Forward With Debt Restructuring Despite Bondholder Resistance

Raizen SA is moving ahead with a debt restructuring plan backed by bank creditors and local debenture holders, sidelining opposition from offshore bondholders. The Brazilian energy company needs approval from holders representing more than 50% of eligible debt under local extrajudicial restructuring rules. Banks account for 36% of applicable debt in the potential restructuring, while debenture holders represent 22%. This composition provides sufficient support to advance the proposal if defections remain minimal among those groups. The strategy allows Raizen to secure majority backing without unanimous bondholder consent. Offshore bondholders have resisted the restructuring terms, but their opposition appears insufficient to block the plan.