IG4 Said to Offer to Buy Raizen Debt to Seek Majority Stake (2)

Private equity firm IG4 Capital, fresh off a deal to take control of petrochemical giant Braskem SA, is now setting its sights on sugar and ethanol producer Raizen SA, another major Brazilian company in distress.

IG4 is offering to acquire Raizen debt in the midst of a proposed restructuring plan that will convert 45% of its debt into about 80% of equity, according to people familiar with the matter. The idea is to scoop up enough debt to give IG4 a stake of just over 50% once the swap is complete, said the people, who asked not ...