✓ verbatim from the press ? no verbatim passage
Raízen — a joint venture between Cosan and Shell that controls 6,800 fuel stations in Brazil — filed its Extrajudicial Recovery Plan on Friday (5th) with the 3rd Bankruptcy and Judicial Recovery Court of São Paulo, restructuring R$ 64.7 billion in debt with 75.45% creditor approval. The amount excludes intercompany credits (between companies in the same economic group). ?
Press quotes (1)
"submeteu, nesta data, o seu Plano de Recuperação Extrajudicial ("Plano"), no âmbito do seu processo de recuperação extrajudicial em curso perante a 3ª Vara de Falências e Recuperações Judiciais da Comarca de São Paulo... O Plano conta com a adesão relevante de todos os grupos de credores... totalizando um apoio de 75,45% dos créditos financeiros e quirografários abrangidos pela Recuperação Extrajudicial e pelo Plano, cujo valor total é de R$ 64,7 bilhões, excluídos os créditos intercompany"
According to the material fact published by the company, the plan provides for capital injection of R$ 3.5 billion by Shell, to be paid at closing, plus conditional R$ 500 million from Aguassanta Participações — holding company of Rubens Ometto's family, Cosan's controller — if the company adheres to the plan. Both investors will receive ordinary shares in return. ?
Press quotes (1)
"o aumento de capital no montante de R$ 3,5 bilhões pela Shell, a ser integralizado em dinheiro na data de fechamento e, caso venha a aderir, de R$ 500 milhões pela Aguassanta Participações S.A., da família do Sr. Rubens Ometto Silveira Mello, acionista controlador da Cosan S.A. (em conjunto, os "Acionistas Contribuintes"), ambos recebendo ações ordinárias"
The restructuring splits current Raízen into two companies: Raízen Combustíveis (distribution, Shell stations and lubricants) and Raízen Energia (ethanol, sugar and bioenergy). The plan converts 45% of total debt — about R$ 29 billion — into equity participation, with creditors receiving units at R$ 0.50 each. The remaining 55% becomes new debt with terms until 2035. ✓
Press quotes (1)
"A proposta é que 45% do valor da dívida, equivalente a cerca de R$ 29 bilhões, se transforme em ações da companhia. Credores aderentes receberão Units, ao preço de R$ 0,50 cada"
The operation awaits judicial approval, subject to a 30-day period for creditor objections. Once approved by the Court, the agreement binds the entire creditor base, including those who did not adhere. The company projects completion by March 2027, with business segregation finalized by the end of the same year. ✓
Press quotes (1)
"O plano agora segue para homologação da Justiça, sujeito a um período de 30 dias para eventuais objeções de credores. Uma vez homologado, o acordo vincula toda a base credora, incluindo aqueles que não aderiram ou se manifestaram contra"
All creditor groups (international bonds, local bonds and banks) supported the plan
Covered by only some sources, or where the accounts diverge.
Covered by only some sources (1)
New debt from agricultural operation allows capitalizing interest in first three years
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Will Aguassanta Participações confirm the R$ 500 million injection?
Why it's still unknown: The material fact includes 'if it adheres' caveat for the first time, and market sources indicate uncertainty about Rubens Ometto's participation in board presidency
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What is the status of the three closing conditions?
Why it's still unknown: Federal tax agreement, Cosan-Shell contingencies renegotiation and final divestment plan design have no detailed timeline
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Who will be the strategic investor for Raízen Combustíveis?
Why it's still unknown: Competitive process led by the board has not started yet, potentially including secondary share offering