Raízen Lenders to Demand Management Changes in Counteroffer (1)

Raízen SA and its creditors are working on a new restructuring proposal for the company’s 65 billion reais ($12.5 billion) debt load following a week of high-stakes meetings in New York, according to people familiar with the matter.

Creditors want more of a say in how the Brazilian biofuels giant is managed, given they are poised to become significant stockholders through a potential debt-for-equity swap, the people said, asking not to be identified because the discussions are private.

During the meetings, controlling shareholders Shell Plc and Cosan SA resisted a push from debtholders that they commit to injecting more money ...