Raízen’s Bank Creditors Said to Make Restructuring Proposal

Raízen SA’s bank creditors presented the Brazilian bioenergy company with a new restructuring proposal, according to people familiar with the matter.

As part of the plan, creditors are proposing that 30% of the proceeds from the sale of Argentine assets be used to pay down debt, said the people, who asked not to be identified citing private negotiations. Creditors are also requesting that Rubens Ometto, the founder of parent Cosan SA, be replaced as Raízen’s chairman, echoing a previous proposal by bondholders.