Creditors now own Raízen. The company will split in two from January
The final deal gives creditors about 80% of the company and Shell 13% to 15%, settling R$65bn of debt. Spin-off into Raízen Energia and Raízen Combustíveis.
To save you time3
- What was agreed?
- At an Oct 30 meeting, creditors and the company closed the final deal: creditors get about 80% of Raízen and Shell 13% to 15%, settling about R$65 billion of debt.
- What changes?
- Raízen will split into Raízen Energia (sugar, ethanol, bioenergy) and Raízen Combustíveis (fuel distribution), with the spin-off planned for December and separate operations from January 2027.
- When did it start?
- The out-of-court restructuring was filed on March 11, 2026. Sources differ on homologation dates.
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Brazil's largest out-of-court restructuring has reached the end of its script: creditors now own Raízen.
The deal
According to NeoFeed, at an Oct 30 meeting:
- Creditors: about 80% of the company.
- Shell: 13% to 15%.
- Debt: about R$65 billion settled.
The new Raízen
The company will be split in two: Raízen Energia (cane, sugar, ethanol, bioenergy) and Raízen Combustíveis (distribution). The spin-off is planned for December, with separate operations from January 2027.
Timeline
Filed on March 11, 2026. Sources differ on the homologation date, XP records July 30.
What I would watch
For RAIZ4 holders, dilution is the price of survival. For ethanol, the sector's biggest credit risk exits. The question now is what the new owners do with each half, and how much of the story Cosan still carries.
