Raízen Exits Ibovespa After Requesting Out-of-Court Restructuring

Brazil's stock exchange B3 confirmed this Monday (16th) that GPA (one of Brazil's largest retail chains) and Raízen have been removed from the Ibovespa index and all other B3 indices. This delisting follows both companies announcing out-of-court debt restructuring processes. GPA announced its agreement with creditors on Tuesday, the 10th of this month, while Raízen unveiled its restructuring plan on Wednesday, the 11th. B3 stated that the removal of these companies' shares from the indices adheres to the terms outlined in the Brazilian stock exchange's index definitions and procedures manual. Specifically, GPA's shares began trading under the designation of 'out-of-court restructuring' on March 11; Raízen's shares followed suit on March 12. These securities were excluded from the indices where they were listed at their closing price after the end of the regular trading session on the specified dates. Their weight was then "proportionally redistributed among the remaining components of the portfolio with the pertinent adjustment to the reducers." Consequently, the theoretical portfolio of the Ibovespa index now comprises 83 assets. Out-of-court restructuring is a less extensive process than traditional judicial recovery, often focusing on a specific class of debts with less judicial involvement throughout the procedure. According to data from the Brazilian Out-of-Court Restructuring Observatory (OBRE), 288 cases of out-of-court restructuring have been recorded in Brazil over the past 20 years. In 2025 alone, a record 78 such processes were announced. This year, there have already been seven cases.