BUSINESS
Raízen files massive out-of-court restructuring deal
On Tuesday, supermarket chain Grupo Pão de Açúcar filed for out-of-court reorganization to restructure BRL 4.5 billion (around USD 860 million) in debt, a stark step for a group that was once Brazil’s largest retail conglomerate, as we covered in yesterday’s Brazil Business newsletter. Hours later, sugar giant Raízen said: Hold my ethanol.
Brazil’s largest sugar and ethanol producer has filed for an out-of-court restructuring process of its own, as it seeks to renegotiate BRL 65.1 billion in debt owed to Brazilian and international banks and bondholders.
The announcement followed…
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