Brazilian sugar and ethanol giant Raízen SA has reached an agreement with creditors to restructure its approximately 65 billion reais (about 12.6 billion USD) in 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 Raízen 90 days to seek support from other creditors. In the previous months, Raízen faced turmoil as market concerns over its debt burden intensified, causing its bond prices to plummet into distressed territory. Raízen SA is jointly owned by Shell and Cosan SA