What is IG4's proposed action regarding Raizen, and what condition must it meet to proceed?

IG4 has submitted non-binding offers to acquire credits and control of Raizen, the sugar and ethanol producer. According to sources familiar with the matter, IG4 will only move forward with the offer if it secures at least 50% plus one of the restructured credits resulting from Raizen’s recently announced 65 billion reais ($12.7 billion) debt restructuring—the largest out-of-court restructuring on record in Brazil.

Why are Raizen's creditors hesitant about IG4's proposal, and what is their current stance toward equity ownership?

Raizen’s creditors—advised by Moelis & Company and Journey Capital—have accepted Raizen’s offer to convert debt into equity only because it was 'the best alternative available,' but they 'would prefer not to remain shareholders.' Two sources emphasized that any deal remains highly uncertain and that creditors are unlikely to reach a decision anytime soon, with success depending '100% on the conditions offered by IG4.'

IG4 Approaches Advisers for Control of Brazil's Raizen

Jun 16, 2026

Private equity firm IG4 submitted non-binding offers to acquire control of Brazilian sugar and ethanol producer Raizen via its creditors. The move follows Raizen's record $12.7 billion debt restructuring, with IG4 seeking majority credit ownership similar to its stake in petrochemical giant Braskem.

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