The Argentine asset is being sold
Raízen seals restructuring deal with creditors in Brazil while negotiations with Mercuria Energy Group progress in Argentina
The joint venture between Shell and Cosan is hours away from closing a debt restructuring with creditors who demanded a capital injection of up to $4.874 billion. The Argentine business — profitable, with sales still growing — is being sold anyway. The Dock Sud Refinery and nearly 900 Shell service stations did not fail. They simply happen to be where the money can be raised fastest.