What happens to investors in Raízen securities now that the company is in extrajudicial recovery

Folha explains what changes for holders of Raízen's agribusiness receivables certificates (CRAs) and debentures after its extrajudicial recovery filing, which covers about R$65 billion in debt: payments are suspended during negotiations, and many of the securities, which lack collateral, can be sold at a discount on the secondary market. Ricardo Jacomassi, partner and chief economist at TCP Partners, says that, in the firm's experience, extrajudicial recoveries usually end with losses of 40% to 70% of the amount owed, a pattern also seen in judicial ones.

Source: Folha de S.Paulo, March 11, 2026.