Raízen's R$ 61.4 bn Debt Plan Approved in Court

What did the São Paulo court approve?

The 3rd Bankruptcy and Judicial Recovery Court of São Paulo's Central District validated Raízen's out-of-court restructuring plan on July 30, 2026. The ruling makes the renegotiated terms binding on all creditors covered by the restructuring, even those who did not individually sign on.

Why is this deal historic?

In terms of the total amount involved, this is the largest out-of-court recovery process in Brazilian history. The plan covers approximately R$ 61.4 billion in financial debt owed to banks and investors. Notably, 81.6% of unsecured financial creditors backed the plan — surpassing the legal minimum — and not a single creditor filed an objection.

What happens next for Raízen?

With the court stamp in place, Raízen will now execute the restructuring measures outlined in the plan:

• Debt-to-equity conversion: Some creditors may convert part of their receivables into units (share bundles traded on the stock exchange).
• New secured debt instruments will be issued for other creditors.
• Capital increase of between R$ 3.5 billion and R$ 4 billion, to be subscribed by Shell Brasil Petróleo and potentially by Aguassanta Participações, a holding controlled by Rubens Ometto's family (controlling shareholder of Cosan).
• Business separation: Raízen plans to split its fuel distribution and energy businesses and sell certain assets.

The company stated it will publish the rules for creditors to choose their preferred payment options in due course, and will keep shareholders and the market informed of all relevant developments. The plan remains available on Raízen's investor relations website and on the CVM (Securities and Exchange Commission of Brazil) system.