What is IG4 Capital's proposed strategy to gain control of Raizen, and how does it align with the company's recently approved debt restructuring plan?

IG4 Capital proposes to acquire enough of Raizen’s debt in cash to secure a 50.1% equity stake, respecting the already-approved out-of-court restructuring plan that converts 45% of Raizen’s ~65 billion reais ($12.8 billion) debt into ~80% of equity; IG4 will place any shares obtained through debt purchases into an investment fund, offering creditors options including cash, fund shares, or derivatives tied to a future sale, and has until March next year to complete the debt acquisition while negotiating terms—including prices likely below market—with individual banks and advisor firms including FTI Consulting, Moelis & Co., and Journey Capital.

How does IG4 Capital address concerns about its independence and credibility, especially given its involvement in Braskem’s restructuring and market confusion about its ties to BTG Pactual?

IG4 Capital’s founding partner Paulo Mattos explicitly states the firm is 'a completely independent asset manager' and denies any operational or decision-making relationship with Banco BTG Pactual SA, clarifying that BTG—as well as Bradesco and Santander—is merely one of IG4’s creditors and investors with no special treatment or influence over IG4’s actions, thereby pushing back against market confusion; this assertion comes amid creditor skepticism partly fueled by IG4’s concurrent management of Braskem’s complex restructuring and lack of clarity on final offer terms.

IG4 Capital Proposes Cash Deal to Acquire Raizen Debt for Control

Jun 23, 2026

IG4 Capital states it can buy all Raizen SA debt in cash to secure a controlling 50.1% stake in the Brazilian sugar and ethanol producer. Negotiations will proceed under the existing restructuring plan involving major shareholders Shell and Cosan.

bloomberg

2026-06-15

IG4 Offers to Buy Raizen Debt in Quest for Majority Stake

2026-06-23

IG4 Capital Proposes Cash Deal to Acquire Raizen Debt for Control

IG4 Capital Proposes Cash Deal to Acquire Raizen Debt for Control

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