<div id="readability-page-1">SAO PAULO/LONDON, March 4 (Reuters) - Brazilian sugar and ethanol producer Raizen said on Wednesday it is analysing a proposal for a Shell-led 4 billion real ($765 million) capital injection, while indicating that a solution to its debt crisis could be implemented in an out-of-court restructuring process. Raizen, a joint venture between Shell and Brazilian conglomerate Cosan ( CSAN ), has been discussing with creditors and shareholders for months how to strengthen its capital structure and address billions of dollars of debt. In a securities filing, Raizen said the proposal currently under analysis includes a capital contribution of 3.5 billion reais from Shell, plus 500 million reais from an investment vehicle owned by the family of Rubens Ometto, Cosan's ( CSAN ) controlling shareholder. Raizen, which said its financial restructuring process could also include a debt-to-equity swap and asset sales, did not mention any capital injection proposed by Cosan ( CSAN ). While Cosan ( CSAN ) has said it is prepared to contribute 1.5 billion reais - including the 500 million reais from Ometto - it is unable to match Shell's proposed investment, two sources told Reuters earlier on Wednesday. An unmatched capital injection from Shell would dilute Cosan's ( CSAN ) stake, but the extent of the dilution would depend on how much debt is converted into equity in negotiations with creditors, another person said. Raizen could end up under the control of Shell, sources said, after rescue talks between the joint venture partners and creditors collapsed this week. Cosan ( CSAN ) declined to comment before the filing from Raizen, and Shell did not immediately respond to a request for comment. Raizen, one of the world's largest ethanol producers, has posted a string of losses and its debt has ballooned in recent quarters. In February, the world's top sugar producer warned of &#34;significant uncertainty&#34; over its ability to continue operating, prompting owners and creditors to scramble to shore up the company. Raizen said in the filing that it intends to ensure a &#34;protected and orderly environment&#34; that allows discussions with financial creditors for a debt solution. The firm said the potential solution &#34;may, if necessary, be implemented through an out-of-court restructuring process&#34;. Raizen's net debt rose to 55.3 billion reais by the end of December due to a combination of elevated investment spending, erratic weather and wildfires that hurt harvests and reduced cane crushing volumes. ($1 = 5.2810 reais) (Reporting by Luciana Magalhaes, Oliver Griffin and Andre Romani in Sao Paulo and Stephanie Kelly in London; Additional reporting by Abu Sultan; Editing by Sonia Cheema, Subhranshu Sahu, Tomasz Janowski and Tom Hogue)</div>

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巴西糖和乙醇生產商 Raizen 正在考慮由殼牌主導的 40 億雷亞爾（7.65 億美元）資本注入，以應對其債務危機，可能通過庭外重組進行。該提案包括來自殼牌的 35 億雷亞爾和來自與 Cosan 控股股東相關的投資工具的 5 億雷亞爾。Raizen 的財務困境導致了重大損失和 553 億雷亞爾的淨債務。該公司旨在為與債權人進行討論創造一個結構化的環境，以尋找債務解決方案

Raizen discusses $765 million injection, could seek out-of-court restructuring

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Raizen 討論 7.65 億美元的注資，可能尋求庭外重組