巴西生物燃料生产商 FS — Fueling Sustainability 与阿布扎比主权财富基金穆巴达拉投资公司正寻求收购陷入困境的生物燃料巨头 Raizen SA 债权人持有的债务，知情人士透露。
Brazilian biofuel producer FS — Fueling Sustainability and Abu Dhabi’s sovereign wealth fund Mubadala Investment Co. are seeking to buy debt held by creditors of troubled biofuel giant Raizen SA, according to people familiar with the matter.
知情人士称，FS 已聘请摩根士丹利就潜在收购提供咨询，因谈话属私密性质，要求不具名。他们补充说，讨论处于初步阶段，不保证会达成交易。
FS has hired Morgan Stanley to advise it on the potential acquisition, the people said, asking not to be named because the conversations are private. Discussions are preliminary and there’s no guarantee they will lead to a transaction, they added.
这些出售可能发生在该糖、乙醇和燃料分销公司重组之际，该公司正处于巴西有史以来最大规模企业债务重组之一的中心。这家由壳牌和 Cosan SA 共同拥有的公司于 3 月与债权人达成协议，在法院外重组约 650 亿雷亚尔（约 122 亿美元）债务。
The sales could happen amid a rework of the sugar, ethanol and fuel-distribution company, which is in the epicenter of one of Brazil’s biggest-ever corporate debt restructurings. The company, jointly owned by Shell Plc and Cosan SA, reached an agreement with creditors in March to restructure about 65 billion reais ($12.2 billion) of debt out of court.
知情人士称，IG4 Capital Group 曾于 6 月表示有意购买足以获得 Raizen 控制权的债务，现在则寻求仅购买与该公司糖和乙醇部门相关的债权。
IG4 Capital Group, which in June indicated interest in buying enough debt to obtain control of Raizen, is now seeking to buy only credit that is tied to the sugar and ethanol division of the company, people familiar said.
摩根士丹利、IG4、FS、Raizen 和穆巴达拉均拒绝置评。
Morgan Stanley, IG4, FS, Raizen and Mubadala declined to comment.
今年早些时候，随着 Raizen 现金状况恶化、债券暴跌，且经历一系列信用评级下调，其财务困境加剧。公司因一系列错误的战略押注、高利率和收成不佳而陷入挣扎。
Raizen’s financial troubles intensified earlier this year as its cash position deteriorated and its bonds plunged following a series of credit-rating downgrades. The company has been struggling under a series of bad strategic bets, high interest rates and weak harvests.
作为重组的一部分，债权人同意进行债转股，这将使他们获得公司 80% 以上的资本。公司也在寻求出售资产，作为降低杠杆努力的一部分。知情人士称，FS、穆巴达拉和 IG4 正寻求在 Raizen 债务转为股权前收购这些债务。
As the part of its restructuring, creditors agreed to a debt-to-equity conversions that will give them more than 80% of the company’s capital. The company has also been looking to dispose of assets as part of efforts to reduce leverage. FS, Mubadala and IG4 are seeking to acquire Raizen debt before it is converted into equity, the people said.
FS是巴西最大的玉米乙醇生产商之一，其根基位于巴西最大的农作物产区马托格罗索州。该公司由总部位于爱荷华州的萨米特农业集团支持。今年7月，粮食贸易商阿马吉收购了这家乙醇生产商40%的股权，该交易包括通过首次股票发行向FS注资1亿美元。
FS is one of Brazil’s largest corn-ethanol producers, with roots in top crop producing state of Mato Grosso. The company is backed by Iowa-based Summit Agricultural Group. In July, crop trader Amaggi purchased a 40% equity stake in the ethanol maker, in a deal that included a $100 million capital injection into FS through a primary share issuance.