Raizen Inks $13 Billion Out-of-Court Deal With Creditors (1)

Raizen SA reached an out-of-court restructuring agreement with the majority of its creditors, according to a regulatory filing, marking a key step in the Brazilian sugar-and-ethanol producer’s efforts to rework its debt.

The deal restructures about 65 billion reais ($12.6 billion) of debt and has support from creditors holding 75.5% of the obligations included in the plan, the company said in the Saturday filing. Bloomberg reported the agreement on Friday night.

The out-of-court restructuring, Brazil’s biggest ever, includes 19 financial institutions and 80 relevant bondholders. The company was able to reach an agreement with its creditors ahead of the ...