Raizen Is Said to Win Support For $13 Billion Debt Overhaul (3)

Raizen SA garnered informal support from a majority of creditors for a final restructuring proposal, according to people familiar with the matter, a key step in the struggling Brazilian sugar and ethanol producer’s months-long push to clinch an out-of-court debt overhaul.

Some holders of local notes, including so-called Agribusiness Receivables Certificates, have already approved the plan during meetings today, the people said, asking not to be named discussing private details. Separate talks between banks and offshore bondholders are expected over the coming days to formally approve the plan.

An agreement would allow Raizen to move forward with an out-of-court restructuring ...