What is the size and significance of Raizen's debt restructuring deal, and what threshold of creditor support was required and achieved?

Raizen secured an out-of-court restructuring totaling approximately 65 billion reais ($12.57 billion), described as the largest such deal ever recorded in Brazil. To proceed, the plan required creditor support from holders of more than 75% of the unsecured financial indebtedness covered by the deal — a threshold that was met, as creditors holding over 75% signed onto the plan.

What are the three options offered to creditors under Raizen's restructuring plan, and how is the equity conversion specifically structured?

The restructuring plan offers creditors three options: accepting new debt instruments, converting part of their claims into equity, or a combination thereof. Specifically, 45% of the restructured debt will be converted into Units — each Unit comprising one common and one preferred Raizen share — priced at 0.50 reais per Unit (or 0.25 reais per share); the remaining 55% will be rolled into new debt instruments.