Raízen Adds Cash in Offer to Creditors, Balks at Board Changes

Raízen SA sent an alternative proposal to creditors as it tries to iron out terms of a 65 billion-real ($13 billion) debt restructuring, according to people familiar with the matter.

In the proposal presented Saturday night, Raízen told creditors it’s in talks to raise 2.5 billion reais to 5 billion reais in fresh capital, the people said. While that new detail is likely to please debt holders, who had proposed that current shareholders inject 8 billion reais, the company rejected other changes sought by creditors, including relinquishing control of the board.