Creditors of Raízen were not pleased with the company's proposal to convert 45% of the debt into shares, amounting to around R$ 29 billion, according to Valor Econômico. According to sources consulted, some of the company's creditors even sent a letter to the shareholders, Cosan and Shell, asking for a rebalancing of the restructuring proposal. A meeting between Raízen and creditors is scheduled for Wednesday, the 8th, in New York, according to the investigation carried out by the report. Raízen's request for extrajudicial recovery was accepted by the courts on March 12, in a process involving around R$ 65 billion in debts and is already considered the largest of its kind in Brazil. The financial deterioration of the company is related to increased indebtedness following a series of acquisitions and investments in new energy projects that did not deliver the expected return, in addition to the impact of the high level of interest on financial expenses. Due to the acceptance of the ...