Raízen elects restructuring director for extrajudicial plan

Raízen's Board of Directors elected, in a meeting held on June 17th, Lorival Nogueira Luz Junior to the position of Restructuring director. The decision was unanimously approved by the councilors.

According to the minutes of the meeting, Lorival Luz Junior will combine the new role with the positions of financial director and director of Investor Relations already held at the company. The appointment comes amid the company's Extrajudicial Recovery Plan, presented in March.

The term of office of Restructuring director will be valid until the implementation of the Segregation Plan. If the Divestment Plan is concluded later, the position will be extended until the end of this process.

Debenture holder creditors
Raízen also announced that the holders of debentures from the company's third issue approved adherence to the extrajudicial recovery plan, but subject to subsequent confirmation of the terms of the proposal.

The decision was taken at a meeting called after the early maturity of the debenture issue, which occurred with the company's extrajudicial recovery request, made in March. The assembly took place after successive suspensions and reopenings of the meeting.

Among the creditors present were BTG Pactual, BB Asset, and investment funds, representing 39.92% of the debentures in circulation.

Approval, however, may be revoked if creditors reject the plan at a future meeting or, even, if the company presents a version considered "materially different" from the one analyzed.

This week, the fourth issue debenture holders also approved joining the plan.

Source: CNN