Raizen’s Creditors Said to Ask for 90% Equity Stake in Debt Swap

Raízen SA bondholders and bank creditors are asking for a stake of as much as 90% of the company in exchange for 45% of its debt in a restructuring, according to people familiar with the matter.

That’s higher than the 70% stake that Raízen has proposed for creditors to receive in a potential debt-to-equity swap, said the people, who asked not to be identified citing private negotiations.