Raizen SA Seeks US Court Recognition of Foreign Restructuring

Raizen SA, the struggling Brazilian sugar and ethanol producer co-owned by Shell Plc and Cosan SA, has asked for US bankruptcy court recognition of its foreign restructuring as it faces a liquidity crisis and seeks protection against creditor actions.

The energy and biofuel conglomerate’s said Thursday it filed its Chapter 15 to protect about $154 million in US bank accounts from creditor enforcement. The company has been looking to stabilize its global capital structure and prevent a “spiraling” of defaults.

Raizen, the world’s leading sugarcane processor by “crushing volume” and one of Brazil’s largest energy distributors, said its Brazilian ...