In a move that was highly anticipated by the market, Raízen , a joint venture between Cosan and Shell , announced that the 3rd Bankruptcy and Judicial Reorganization Court of the Central District of São Paulo has approved its extrajudicial reorganization plan, presented on June 5th of this year.
The out-of-court restructuring plan was presented with debts of R$ 98.6 billion, with total liabilities comprised of R$ 65.14 billion in credits subject to restructuring and R$ 33.49 billion in intercompany debt — financial obligations between companies within the same group.
The company reported in a material fact disclosed late in the afternoon of Thursday, July 30, that the plan was accepted by 81.6% of unsecured creditors and was not subject to any objection from any creditor.
"The approval of the plan reinforces stakeholders' confidence in the consensual and structured solution to the Raízen group's debt, reconciling its short-term liquidity needs with an adequate and sustainable capital structure in the long term," the company stated in the press release.
Raízen emphasized that, with the approval, it continues to advance in the preparation and measures necessary to effectively implement the plan. This will include, for example, the conversion of part of the outstanding credits into equity in the group, through units and new secured debt securities.
Another step involves an investment of R$ 3.5 billion from Shell, to be paid in cash on the closing date of the transaction. This figure corresponds to the value of converting 45% of the debt included in the plan into shares.
This move also includes the possibility of an additional injection of R$ 500 million from Aguassanta Participações SA, controlled by the family of Rubens Ometto, who controls Cosan.
The initiatives also include areas such as corporate reorganizations, asset segregation and divestment, and related measures to separate the fuel and energy distribution businesses.
The plan foresees the conversion of 45% of the restructured debt into equity (transforming the debt into equity ) and the replacement, refinancing, or amendment of the remaining 55% through new debt securities.
The fact is that, after filing its request for extrajudicial reorganization, Raízen had already been accelerating the pace in some of these steps, while awaiting the approval of the plan in question. Among them, the reduction of its portfolio, an area that became one of its focuses by the end of 2024.
In the most recent move in this direction, the company announced last week an agreement to sell the Caarapó Plant, in the municipality of Caarapó (MS), to Adecoagro Vale do Ivinhema, for R$ 760 million.
Announced on July 20, the transaction also involved 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.
In this context, the main agreement came, however, in early June, when Raízen announced the sale of its assets in Argentina to the Swiss group Mercuria Energy, in a transaction valued at US$1.42 billion (approximately R$7.2 billion).
Raízen's shares closed today's trading at R$ 0.26, the same level recorded on Wednesday, July 29, valuing the company at R$ 2.68 billion. By 2026, the shares have accumulated a drop of approximately 68%.
