Raízen SA has submitted an alternative proposal to creditors as negotiations continue over a 65 billion-real ($13 billion) debt restructuring, according to people familiar with the matter. The Brazilian company is seeking to finalize terms with bondholders after initial discussions stalled. The new offer includes additional cash provisions designed to address creditor concerns about the original terms.

However, Raízen is pushing back against demands for board representation changes sought by some bondholders. This disagreement over governance rights has become a sticking point in the negotiations. The company appears willing to improve the financial terms of the offer while resisting structural changes to its board composition.

The outcome of these negotiations will determine the future capital structure of one of Brazil's largest integrated energy and sugar companies. Creditors must weigh the improved cash offer against the governance concessions they are seeking.