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Raizen's $13bn debt swap forces creditor equity conversion

The world's largest sugar-cane ethanol producer is testing whether Brazilian courts can force debt-for-equity swaps on unwilling creditors. Raizen's restructuring plan converts 45 percent of its R$65.4 billion debt pool into equity at R$0.25 per share, giving creditors roughly 83 percent of the company, as restructuring analysis confirms.

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