Oil major Shell, the healthier joint-venture partner in Brazilian sugar and ethanol producer Raizen, ‌is ready to pour more resources into a recapitalization of the distressed company, three ‌people familiar with the matter told Reuters. Raizen, a top global sugar maker, is in tough financial straits after posting ​a third-quarter net loss of 15.6 billion reais ($3 billion) in mid-February, when it warned of "significant uncertainty" about its ability to keep operating.

The financial restructuring process of Azul under Chapter 11 of the United States Bankruptcy Code reached its conclusion on February 20. Following the full repayment of the DIP (Debtor-in-Possession) financing and the settlement of its share offering, the company emerges with a reduction in debt and lease obligations of approximately $2.5 billion, AviaciOnline.com reported. The airline successfully repaired its balance sheet through strategic agreements with key creditors, including the lessor AerCap and U.S. carriers United Airlines and American Airlines.

Brazil's federal audit court TCU has completed a technical review of the central bank's handling of Banco Master's liquidation and found no reservations or recommendations regarding the regulator's conduct, Reuters reported. The central bank did not immediately reply to a request for comment. The audit court said in a statement that the case is confidential and that no further information is available.

Fictor Holding filed for bankruptcy protection in Brazil, with its holding company and a financing firm seeking to restructure 4 billion reais (about $763 million) in debt, Bloomberg reported. The Brazilian firm’s other companies, including Sao Paulo Stock Exchange-listed Fictor Alimentos, are not included in the filing, according to the report. Fictor said that it wants to pay creditors the full amount it owes but wants to block them from forcing it to pay for 180 days. The bankruptcy came about three months after the liquidation of Banco Master, according to the report.

Azul S.A. announced on Jan. 28 that its subsidiary Azul Secured Finance LLP has launched a private offering of senior secured notes due 2031 to provide exit financing under the airline’s court-approved chapter 11 restructuring plan, primarily to repay its debtor-in-possession facility and, with any remaining funds, to support a broader restructuring aimed at optimizing its capital structure and liquidity, TipRanks.com reported.

Brazil's central bank ordered on Wednesday the liquidation of Will Financeira SA, a unit of ​troubled lender Banco Master, in the latest drastic step involving ‌illiquid institutions tied to the conglomerate, Reuters reported. The move comes a day after Mastercard said that it ‌had suspended Will Bank cards from its network due to non-compliance with settlement schedules under its payments arrangement.

Brazil's Supreme Court Justice Dias Toffoli has allowed a prosecutor's request for banks to freeze assets belonging to Brazilian entrepreneur Nelson Tanure due to an investigation into lender Banco Master, according to a document made public last Friday, Reuters reported. The request was made by the country's Prosecutor General's Office. The mid-sized bank was liquidated by the central bank last November.

Brazil's central bank ordered on Thursday the liquidation of brokerage REAG, currently known as CBSF, according to a document signed by Governor Gabriel Galipolo, in the latest fallout from the collapse of mid-sized lender Banco Master, Reuters reported. The move "was prompted by serious violations of the rules governing the activities of institutions that are part of the national financial system", the central bank said in a statement.

Brazilian steel-to-energy conglomerate CSN plans to divest key assets to reduce its heavy debt burden as high interest rates squeeze financing and weigh on investment, Bloomberg News reported. The group, controlled by the billionaire Steinbruch family, has hired advisers to sell a significant stake in CSN Infraestrutura — which owns ports, railways and a logistics company — as well as control of its cement unit. The company aims to sign deals in the second half of the year.

Brazil's federal police served search and seizure warrants against businessmen Daniel Vorcaro and Nelson Tanure on Wednesday as part of an investigation into alleged fraud at Banco Master, two sources familiar with the matter told Reuters. The raids are part of the second phase of a police operation launched ‌in November, which at the time led to Vorcaro's arrest on the same ​day the Brazilian central bank ordered Banco Master's liquidation. Vorcaro was later released, but had to wear an ankle monitor.