Brazil's IG4 makes offer for Raizen debt, eyeing controlling stake, Valor reports (updated)
UPDATE 1-Brazil's IG4 makes offer for Raizen debt, eyeing controlling stake, Valor reports Adds detail about debt-to-equity option
SAO PAULO, June 15 (Reuters) - Brazilian asset manager IG4 has made a non-binding offer for more than half of the debt held by the creditors of sugar and ethanol firm Raizen RAIZ4.SA, local newspaper Valor Economico reported on Monday, citing sources.
Raizen this month secured sufficient backing from creditors to proceed with a debt restructuring of approximately 65 billion reais ($12.57 billion) that includes a debt-to-equity option.
IG4 intends to become a controlling shareholder of Raizen by acquiring just above 50% of the debt held by the creditors, Valor added.
Raizen declined to comment. IG4 did not immediately respond to a request for comment.
IG4 concluded this year the acquisition of a co-controlling stake in petrochemical firm Braskem BRKM5.SA.
(Reporting by Andre Romani; Editing by Mark Porter and Daina Beth Solomon)
((Andre.Romani@thomsonreuters.com; 11 991314109;11 56447500;))
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