Creditors Begin to View Raízen's Split as a Positive Alternative

According to the Broadcast Column, Raízen's creditor banks and bondholders are stepping back and beginning to understand that segregating the mill operations from the fuel distribution businesses could hold significant economic meaning for all parties involved. The prevailing view is that with separate operations, it might be easier to find exit alternatives for creditors, such as attracting other investors or executing stock market transactions. Furthermore, the idea of seeking some capital injection from Cosan into Raízen's capital increase has not been abandoned, although sources close to the company indicate this would not be possible without the participation of a third partner, as previously proposed with BTG Pactual. With the separation of businesses, the percentage of debt that needs to be converted into shares might decrease. In the ongoing discussions, Shell is proposing the conversion of 40% to 50% of the debts held by banks and investors who purchased the company's issued securities, such as bonds, debentures, and agribusiness receivables certificates, into equity. This scenario considers the announced injection of R$4 billion into Raízen by Shell and Rubens Ometto, through his family office Aguassanta. "It's what's needed for the company to be minimally healthy," said one source close to the negotiation. Nevertheless, sources indicated that creditors, especially banks, have been insisting on a larger capitalization from the shareholders, namely Shell and the Ometto family.