SÃO PAULO, 28 Apr (Reuters) – A group of holders of Raízen’s fixed income bonds hired the financial consulting firm Journey Capital and the law firm Felsberg to represent it in the restructuring process of the world’s largest producer of sugar and sugarcane-based ethanol, according to three people familiar with the matter.
Two of the people said that the group holds around R$14 billion in bonds issued by Raízen.
In a statement, Journey confirmed the hiring. Felsberg and Raízen declined to comment.
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This month, Raízen began negotiations to convert debt into shares, a move that is essential to ensure support for an extrajudicial agreement announced last month between the company and its bondholders and creditors who hold around R$65 billion in outstanding debt.
In February, Reuters reported that Raízen, a joint venture between Shell and Cosan, had appointed law firms Pinheiro Neto and Cleary Gottlieb as legal advisors, and Rothschild & Co as financial advisor to deal with its financial difficulties.
