According to the agency, the restructuring of Raízen’s debt generated tensions between creditors and Cosan. People familiar with the matter indicate that André Estèves, of BTG, and Milton Maluhy Filho, CEO of Itaú Unibanco, personally discussed a Cosan dividend-linked debt structure involving Raízen, Bloomberg says.
In its third-quarter balance sheet, Cosan acknowledged Itaú’s exposure to the company. The weakened situation of the biofuels company explains the pressure on Itaú to renegotiate this exposure, the sources said, adding that the bank was looking for a quicker and less risky solution. Shell, which holds a 44% stake in Raízen, is also expected to participate in the capitalization.
At the same time, Raízen is making progress in the sale of assets, estimated at around 10 billion reais, including the sale of its refinery to Argentinaa, sources told the agency.
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