Razen reaches $12.6 billion out-of-court debt restructuring agreement.

Brazilian sugar and ethanol giant Razen SA has reached an agreement with creditors to restructure its approximately 65 billion reais debt. Creditors holding 47% of the company's debt have agreed to this so-called "out-of-court restructuring" plan, which will suspend debt repayment obligations and give Razen 90 days to seek support from other creditors. In recent months, Razen has been in turmoil as market concerns about its debt burden intensified, causing its bond prices to plummet into distress territory. Razen SA is jointly owned by Shell and Cosan SA.