After reaching an agreement with creditors to proceed with the largest out-of-court restructuring in Brazilian corporate history, Raízen continues to reduce its asset portfolio, aiming to alleviate its financial situation.
The company announced on Monday, July 20th, a contract to sell the Caarapó Plant, located in the municipality of Caarapó (MS), to Adecoagro Vale do Ivinhema, for R$ 760 million, an amount that will be paid in cash on the closing date of the transaction.
The operation includes the transfer of the company's own sugarcane and contracts with suppliers linked to the unit, which processed approximately 3.5 million tons of sugarcane in the 2025/26 harvest. The closing of the transaction is conditional upon approval by CADE (Brazil's antitrust authority) and compliance with other contractual conditions.
The operation is part of a move by Raízen to adjust its portfolio , with the sale of assets as one of the pillars of the company's recovery plan, which considers financial leverage between 2.0 and 2.5 times as the ideal level. In the third quarter of the 2025/26 crop year, which ended in December, the ratio between net debt and EBITDA reached 5.3 times.
The company's main sale was that of its assets in Argentina , announced in early June. The company agreed to transfer its downstream operations (refining and marketing of fuels) to Latam Downstream Holdings and Silver Projects I, companies controlled by Mercuria Energy Group, a Swiss multinational commodities trading company, for US$1.42 billion.
The sugar and ethanol segment has also contributed to the divestment plan, with Raízen reducing the number of mills under its management. As a result, the company now has 23 units, with an estimated milling capacity of 69 million tons per harvest.
Among the transactions involving agribusiness assets are the sale of theLeme plant in May of last year for R$ 425 million, and the Rio Brilhante and Passa Tempo plants, also in 2025, in a transaction totaling R$ 1.54 billion.
Considering all sales made up to the third quarter of the 2025/26 crop year, which include non- core assets such as distributed generation plants, but do not account for the operation with the Argentine assets, Raízen managed to inject approximately R$ 5 billion into its cash flow.
Sales and operational restructuring alone are not enough to solve the company's problems; it still needs a capital injection.
In early June, Raízen presented an out-of-court restructuring plan to restructure approximately R$ 65 billion in debt. In general terms, the proposal foresees Shell contributing R$ 3.5 billion, corresponding to the value of converting 45% of the debt into shares, while Aguassanta Investimentos, owned by the family of Rubens Ometto , may contribute another R$ 500 million.
The plan foresees the conversion of 45% of the total restructured debt into shares, at a price of R$ 0.25 per share, and 55% of the total restructured debt into new debt instruments, allocated between Raízen Combustíveis and Raízen Energia.
Raízen also developed two payment alternatives. In one of them, the company proposes an 80% discount on the value of the credit subject to restructuring, with payment in a single installment, due on March 31, 2047.
In the other option, payment is foreseen in cash equivalent to the lower of 75% of the respective credits or R$ 9,750.00, subject to an aggregate limit of R$ 150 million.
In mid-June, Raízen reported that the plan had the support of creditors representing 80.1% of the loans to be restructured.
Raízen's shares closed trading on Friday, July 17th, below R$1. Year-to-date, the shares have fallen 63.7%, reducing the company's market value to R$394 million.
