Raízen creditors pick board nominees after debt conversion

Raízen creditors have selected the representatives who will sit on the boards of the two companies emerging from the breakup of its businesses, newspaper Valor Econômico reported on 14 September 2026. The restructuring splits the group into a fuels company and a separate sugar, ethanol, and bioenergy unit.

For Raízen Combustíveis, creditors selected Paulo Figueiredo of Geribá Investimentos and Samuel Aguirre of FTI Consulting. For the sugar, ethanol, and bioenergy business, they chose Nelson Oliveira of Geribá and Mário Peixoto of Makalu Partners.

The board appointments form part of the largest out-of-court restructuring ever carried out in Brazil. Under the restructuring plan, 45% of the restructured debt will convert into equity, giving lending banks direct stakes in the resulting entities, while the remaining 55% will be reprofiled. The actual delivery of the equity stakes is still being finalized.

The transaction also includes a capital injection of BRL 3.5 billion from Shell. In addition, Rubens Ometto's holding company Aguassanta may provide an extra capital injection of BRL 500 million.