<ul>
<li>债权人和股东接近达成协议，将 Raizen 高达 50% 的债务转换为股权</li>
</ul><ul>
<li>Shell 提供 35 亿雷亚尔救助方案，Cosan 面临自身债务问题，奥梅托的董事长职位存疑</li>
</ul><ul>
<li>Raizen 正就以 10 亿-15 亿美元向 Mercuria 出售阿根廷资产进行谈判，所得款项用途引发争论</li>
</ul><p>作者：Oliver Griffin 和 Luciana Magalhaes</p><p>圣保罗，5 月 11 日（路透社）——三位熟悉此事的人士表示，巴西糖业和乙醇生产商 Raizen (RAIZ.SA) 的债权人与股东之间的谈判正在取得进展，以避免进入法院重组程序，并正聚焦于公司的治理结构以及其他关键问题。</p><p>为避免陷入债务困境的 Raizen 进入法院重组程序，相关谈判于 4 月正式启动，必须在 6 月中旬左右结束。两位知情人士称，债权人和股东即将达成协议，将公司 45% 至 50% 的债务转换为股份，此举将大幅稀释合资伙伴 Shell (SHEL.L) 和 Cosan (CSAN3.SA) 的持股，并可能重塑 Raizen 董事会的构成。今年 3 月，Raizen 宣布已达成庭外协议，重组约 650 亿雷亚尔（133 亿美元）的债务，并有 90 天的窗口期以获得足够的最终批准支持，此后新的支付条款将适用于 100% 的相关债权。</p><p>Raizen 和 Shell 拒绝对债转股谈判置评。</p><p>Shell 重申了其向 Raizen 注入 35 亿雷亚尔进行救助的提议，并表示将继续与这家糖业巨头的领导层和债权人密切合作，以确保业务的长期未来。一位人士表示，考虑到巴西政府为缓解中东冲突导致的油价飙升对消费者的影响而宣布征收 12% 的石油出口税所带来的影响，债权人可能无法迫使 Shell 提供超过其已提出的 35 亿雷亚尔的更多资金。</p><p>两位要求匿名的当事方表示，由于谈判是私密的，他们认为在截止日期前能够达成协议，但也承认仍有一些问题尚未解决。</p><h3>董事长角色受质疑</h3><p>一个悬而未决的问题涉及 Raizen 现任董事长鲁本斯·奥梅托（Rubens Ometto）的未来。他为支持重组注入 5 亿雷亚尔，远低于 Shell 贡献的 35 亿雷亚尔。知情人士称，Cosan 上周通过其天然气子公司 Compass 首次公开募股（IPO）筹集了 32 亿雷亚尔的新资本，目前正处理自身的债务问题，不会利用此次募资来救助 Raizen。</p><p>Cosan 拒绝置评。</p><p>“在公司重组后，奥梅托继续担任董事长是否合理？我们尚不清楚，” 一位人士表示。</p><p>奥梅托拒绝置评。</p><h3>出售阿根廷资产</h3><p>一位知情人士称，Raizen 还在洽谈向瑞士成立的能源和大宗商品交易商 Mercuria Energy Group 出售其在阿根廷的一家炼油厂和数百家加油站，该交易预计价值在 10 亿至 15 亿美元之间。</p><p>该人士称，这项交易很可能只有在财务重组谈判最终敲定后才会宣布，以降低买方的风险。</p><p>另一位人士表示，债权人和股东也在讨论是否将阿根廷交易的所得用于减少债务或加强 Raizen 的现金状况。</p><p>Mercuria 未回复置评请求。一位知情人士称，多个因素推动谈判向前发展，包括国际社会对巴西燃料分销的兴趣、警方对加油站有组织犯罪的打击，以及 Raizen 的困境源于天气相关问题并因高利率而加剧的事实。</p><p>（1 美元 = 4.89 巴西雷亚尔）</p>

SHEL

RDSB

CSAN

<ul>
<li>Creditors, shareholders near deal to convert up to 50% of Raizen debt into equity</li>
</ul>
<div class="lb-trans"><ul>
<li>债权人和股东接近达成协议，将 Raizen 高达 50% 的债务转换为股权</li>
</ul></div><ul>
<li>Shell offers 3.5 billion reais bailout, Cosan faces own debt, Ometto’s chairmanship uncertain</li>
</ul>
<div class="lb-trans"><ul>
<li>Shell 提供 35 亿雷亚尔救助方案，Cosan 面临自身债务问题，奥梅托的董事长职位存疑</li>
</ul></div><ul>
<li>Raizen negotiating Argentina asset sale to Mercuria for $1 billion-1.5 billion, use of proceeds debated</li>
</ul>
<div class="lb-trans"><ul>
<li>Raizen 正就以 10 亿-15 亿美元向 Mercuria 出售阿根廷资产进行谈判，所得款项用途引发争论</li>
</ul></div><p>By Oliver Griffin and Luciana Magalhaes</p>
<div class="lb-trans"><p>作者：Oliver Griffin 和 Luciana Magalhaes</p></div><p>SAO PAULO, May 11 (Reuters) - Talks between creditors and shareholders of Brazilian sugar and ethanol producer Raizen (RAIZ.SA) are advancing to avoid court restructuring and are homing in on the company’s governance structure, alongside other key issues, three people familiar with the matter said.</p>
<div class="lb-trans"><p>圣保罗，5 月 11 日（路透社）——三位熟悉此事的人士表示，巴西糖业和乙醇生产商 Raizen (RAIZ.SA) 的债权人与股东之间的谈判正在取得进展，以避免进入法院重组程序，并正聚焦于公司的治理结构以及其他关键问题。</p></div><p>Negotiations to keep debt-stricken Raizen’s restructuring out of court officially began in April and must conclude near mid-June. Creditors and shareholders are nearing an agreement to convert 45% to 50% of the company’s debt into shares, a move that will significantly dilute the stakes of joint-venture partners Shell (SHEL.L) and Cosan (CSAN3.SA) , and potentially reshape the composition of Raizen’s board, two of the people said. In March, Raizen announced it had reached an out-of-court agreement to restructure about 65 billion reais ($13.3 billion) in debt, with a 90-day window to secure sufficient support for final approval, after which the new payment terms would apply to 100% of the covered claims.</p>
<div class="lb-trans"><p>为避免陷入债务困境的 Raizen 进入法院重组程序，相关谈判于 4 月正式启动，必须在 6 月中旬左右结束。两位知情人士称，债权人和股东即将达成协议，将公司 45% 至 50% 的债务转换为股份，此举将大幅稀释合资伙伴 Shell (SHEL.L) 和 Cosan (CSAN3.SA) 的持股，并可能重塑 Raizen 董事会的构成。今年 3 月，Raizen 宣布已达成庭外协议，重组约 650 亿雷亚尔（133 亿美元）的债务，并有 90 天的窗口期以获得足够的最终批准支持，此后新的支付条款将适用于 100% 的相关债权。</p></div><p>Raizen and Shell declined to comment on the debt conversion negotiations.</p>
<div class="lb-trans"><p>Raizen 和 Shell 拒绝对债转股谈判置评。</p></div><p>Shell reiterated its proposal to inject 3.5 billion reais into bailing out Raizen, adding that it will continue to work closely with the sugar maker’s leadership and creditors to ensure the long-term future of the business. Creditors will likely not be able to push Shell to contribute more than the 3.5 billion reais it has already put on the table, one of the people said, citing the impact of a 12% export tax on oil which Brazil’s government declared to cushion consumers from surging oil prices due to the conflict in the Middle East.</p>
<div class="lb-trans"><p>Shell 重申了其向 Raizen 注入 35 亿雷亚尔进行救助的提议，并表示将继续与这家糖业巨头的领导层和债权人密切合作，以确保业务的长期未来。一位人士表示，考虑到巴西政府为缓解中东冲突导致的油价飙升对消费者的影响而宣布征收 12% 的石油出口税所带来的影响，债权人可能无法迫使 Shell 提供超过其已提出的 35 亿雷亚尔的更多资金。</p></div><p>Two of the parties, who asked not to be named because the negotiations are private, said they believe a deal will be reached before the deadline, but acknowledged that some issues remain unresolved.</p>
<div class="lb-trans"><p>两位要求匿名的当事方表示，由于谈判是私密的，他们认为在截止日期前能够达成协议，但也承认仍有一些问题尚未解决。</p></div><h3>CHAIRMAN’S ROLE IN QUESTION</h3>
<div class="lb-trans"><h3>董事长角色受质疑</h3></div><p>One pending issue concerns the future of Raizen’s current chairman, Rubens Ometto, who is injecting 500 million reais to support the restructuring, far less than Shell, which is contributing 3.5 billion reais. Cosan, which last week raised fresh capital through a 3.2 billion-real initial public offering of its gas subsidiary Compass, is dealing with its own debt issues and will not use the proceedings to pay toward bailing out Raizen, one of the sources said.</p>
<div class="lb-trans"><p>一个悬而未决的问题涉及 Raizen 现任董事长鲁本斯·奥梅托（Rubens Ometto）的未来。他为支持重组注入 5 亿雷亚尔，远低于 Shell 贡献的 35 亿雷亚尔。知情人士称，Cosan 上周通过其天然气子公司 Compass 首次公开募股（IPO）筹集了 32 亿雷亚尔的新资本，目前正处理自身的债务问题，不会利用此次募资来救助 Raizen。</p></div><p>Cosan declined to comment.</p>
<div class="lb-trans"><p>Cosan 拒绝置评。</p></div><p>“Will it make sense that Ometto continues as chairman after the company’s reorganization? We don’t know yet,” said one of the people.</p>
<div class="lb-trans"><p>“在公司重组后，奥梅托继续担任董事长是否合理？我们尚不清楚，” 一位人士表示。</p></div><p>Ometto declined to comment.</p>
<div class="lb-trans"><p>奥梅托拒绝置评。</p></div><h3>SALE OF ARGENTINA ASSETS</h3>
<div class="lb-trans"><h3>出售阿根廷资产</h3></div><p>Raizen is also in talks to sell a refinery and hundreds of gas stations in Argentina to Mercuria Energy Group, a Swiss-founded energy and commodities trader, in a deal seen fetching between $1 billion and $1.5 billion, one of the sources said.</p>
<div class="lb-trans"><p>一位知情人士称，Raizen 还在洽谈向瑞士成立的能源和大宗商品交易商 Mercuria Energy Group 出售其在阿根廷的一家炼油厂和数百家加油站，该交易预计价值在 10 亿至 15 亿美元之间。</p></div><p>The transaction would likely be announced only when the financial restructuring talks are finalized, reducing the buyer’s risk, the person said.</p>
<div class="lb-trans"><p>该人士称，这项交易很可能只有在财务重组谈判最终敲定后才会宣布，以降低买方的风险。</p></div><p>Creditors and shareholders are also discussing whether proceedings from the deal in Argentina will be used to reduce debt or to reinforce Raizen’s cash position, a second person said.</p>
<div class="lb-trans"><p>另一位人士表示，债权人和股东也在讨论是否将阿根廷交易的所得用于减少债务或加强 Raizen 的现金状况。</p></div><p>Mercuria did not reply to requests for comment. One of the sources said several factors helped move the negotiations forward, including international interest in fuel distribution in Brazil, a police crackdown on organized crime at gasoline stations, and the fact that Raizen’s difficulties stemmed from weather-related issues compounded by high interest rates.</p>
<div class="lb-trans"><p>Mercuria 未回复置评请求。一位知情人士称，多个因素推动谈判向前发展，包括国际社会对巴西燃料分销的兴趣、警方对加油站有组织犯罪的打击，以及 Raizen 的困境源于天气相关问题并因高利率而加剧的事实。</p></div><p>($1 = 4.89 Brazilian reais)</p>
<div class="lb-trans"><p>（1 美元 = 4.89 巴西雷亚尔）</p></div>

巴西Raizen债务谈判取得进展，各方接近就债转股达成共识