White & Case advises ad hoc group of noteholders on Raízen’s US$19.2 billion restructuring

Global law firm White & Case LLP is advising the ad hoc group of noteholders (the Ad Hoc Group) in the US$19.2 billion extrajudicial reorganization (recuperação extrajudicial) restructuring of Raízen S.A. and its affiliates (collectively, Raízen), one of the world's largest sugar and ethanol producers, and a leading fuel distributor in Latin America.

The Ad Hoc Group holds approximately 70 percent of Raízen's US law-governed unsecured notes, issued in an aggregate outstanding principal amount of US$5.1 billion.

White & Case represented the Ad Hoc Group throughout the negotiation of the terms of Raízen's extrajudicial reorganization (recuperação extrajudicial) plan (the "Plan"). As proposed, the Plan contemplates a comprehensive financial and operational restructuring of Raízen, offering creditors a range of recovery options at their election. Following the restructuring, creditors are entitled to receive, in aggregate, approximately 83 percent of the equity in the reorganized company.

The Plan was filed on June 5, 2026, with the support of creditors representing 75.45 percent of Raízen's unsecured financial indebtedness. Support for the Plan has continued to grow since the filing, and the Ad Hoc Group will remain actively involved throughout confirmation proceedings and implementation of the Plan in Brazil and the United States.

The White & Case team is led by Financial Restructuring and Insolvency partners John K Cunningham and Richard Kebrdle (both in Miami), and Capital Markets partner Rafael Roberti (New York). The team also includes Financial Restructuring and Insolvency partner Andrea Amulic, counsel Ricardo Pasianotto and associates Claire Campbell, Charu Chitwan (all in New York), Sam Kava and Zeev Strigler (both in Miami); M&A partner Emilio Grandio and associate Hanaa Masalmeh (both in Houston); and Capital Markets counsel Luiza Salata (New York). Latin America fellow Macarena Rolon (New York) also advised on the matter.

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