LatAm Watch · Creditor Brief · Sample edition
Raízen Group — Recuperação Extrajudicial (Brazilian pre-negotiated restructuring)
Sample edition. This sample is built from company disclosures, the U.S. Chapter 15 record and press reports. Client editions are built from the Brazilian court docket and the plan itself, are matched to the client's own holdings or claims, and cite a document and page for every statement. Pricing →
Current status: plan confirmed. The São Paulo court confirmed (homologou) the plan on 30 July 2026. Raízen has said it will announce separately the procedure for creditors to elect among the payment options in the plan. That election process is the next event affected creditors should track. [S3, S4]
1. Case at a glance
| Debtors | Raízen S.A. (B3: RAIZ4) and eight affiliates, nine entities in all [S1, S3] |
|---|---|
| Court | 3ª Vara de Falências e Recuperações Judiciais, Foro Central, São Paulo (TJSP). Judge Larissa Gaspar Tunala at confirmation [S3]. Early press named a different court division and judge; this is reconciled in client editions against the docket. [S2] |
| Type | Recuperação extrajudicial (EJ), arts. 161–167, Lei 11.101/2005. The EJ binds only the classes of financial creditors included in the plan. |
| Not affected | Obligations to customers, suppliers, resellers and other commercial partners are outside the restructuring [S3] |
| Filed / accepted | 11 Mar 2026 / 11–12 Mar 2026 [S1, S2] |
| Debt in scope | ≈ R$65.1 bn of third-party claims at filing (plus ≈ R$33.5 bn intercompany) [S1]; ≈ R$61.4 bn of financial debt restructured under the confirmed plan [S3] |
| Creditor support | ≈ 47% at filing; 81.6% of unsecured financial creditors at confirmation, with no objections filed against the plan [S1, S3] |
| U.S. proceedings | Chapter 15, S.D.N.Y. case 26-10528 (Judge Lisa G. Beckerman), filed 12 Mar 2026. Provisional relief 16 Mar 2026; recognized as a foreign main proceeding 8 Apr 2026. Claims agent: Epiq. [S1] |
| Credit ratings | S&P 'SD' (13 Mar 2026) · Fitch 'C' (12 Mar 2026) · Moody's 'Ca' (19 Mar 2026) [S1] |
2. Your position
Client edition only. For noteholders: the series you hold, the class it falls in, the plan treatment for that series, and the election mechanics and deadlines once announced. For commercial counterparties: confirmation from the plan text that your claim falls outside the restructuring.
3. Deadlines & triggers to watch
| Item | Status | Basis / source |
|---|---|---|
| Election of payment options under the plan | The procedure will be disclosed to creditors later. No date found as of 31 Oct 2026. [S3] | Company statement at confirmation |
| Enforcement of the plan in the U.S. | A U.S. hearing on giving effect to the plan and confirmation order has been reported; the outcome is verified in client editions [S1] | Chapter 15 docket, 26-10528 |
| Appeals against confirmation | No objections were filed before confirmation [S3]. The status of any appeal is checked against the docket in client editions. | TJSP docket |
4. The plan
The final plan was filed on 5 June 2026 [S3]. During negotiations, press reported proposals including a debt-for-equity conversion led by bank creditors and an offer of up to R$5 bn of new money from Raízen's side [S1]. The confirmed plan offers creditors a choice among payment options, to be elected under a procedure the company will publish [S3].
Client edition: the treatment of each option and series as written in the confirmed plan (principal, tenor, coupon, any equity or exchange component, any cash-out mechanics), with page citations.
5. Timeline
- EJ filed in São Paulo with ≈ 47% creditor support. [S1, S2]
- Chapter 15 petition filed, S.D.N.Y. (26-10528); Fitch downgrades to 'C'. [S1]
- S&P downgrades to 'SD'. [S1]
- U.S. provisional relief and joint administration granted. [S1]
- U.S. court recognizes the EJ as a foreign main proceeding for all nine debtors. [S1]
- Final plan filed. [S3]
- São Paulo court confirms the plan (81.6% support; no objections). [S3, S4]
6. Key parties
| Debtors' counsel | Cleary Gottlieb Steen & Hamilton (U.S.); Pinheiro Neto Advogados (Brazil) [S1] |
|---|---|
| Ad hoc noteholder group | White & Case [S1] |
| Series 2 noteholders | Baker McKenzie [S1] |
| Indenture trustee | The Bank of New York Mellon (Reed Smith) [S1] |
7. Glossary
- Recuperação extrajudicial (EJ)
- A plan negotiated out of court and then confirmed by a court, binding the affected classes once a majority adheres. Broadly comparable to a pre-packaged plan.
- Homologação
- Court confirmation of the plan.
- Credores quirografários
- Unsecured creditors.
- Foreign main proceeding
- Chapter 15 recognition that the debtor's center of main interests is in Brazil.
Sources
- U.S. court record[S1] Elevenflo case summary of the S.D.N.Y. Chapter 15 record (26-10528): link
- Press[S2] Mercado & Consumo, 13 Mar 2026, "Justiça de São Paulo aceita pedido de recuperação extrajudicial da Raízen": link
- Press[S3] O Povo, 31 Jul 2026, "Raízen tem plano de recuperação homologado e renegocia R$ 61,4 bilhões em dívidas": link
- CVM filing[S4] CVM disclosure summarized by Atlas Público, "Justiça homologa recuperação extrajudicial do Grupo Raízen": link