b'the debt; and some of the bank group were pulling back from the Brazilian market and structured trade commodity finance, making negotiations harder as long-term relationships were becoming less relevant right when we needed to find common ground. At the same time, Biosevs eventual purchaser, Raizen, was seeking to go public in a record-breaking IPO. So negotiating a solution with Raizen, Biosev, and Louis Dreyfus took almost two years.And Even More ComplexityComplex interest rate and commodity derivatives had to be negotiated, and the closing involved several agencyand escrow teams and account banks and multiple days of funds flowing through banks in Brazil, Europe,New York and Houston.Our clients were repaid 100% of the debt owedafter originally expecting to recover 50%, at bestandRaizen acquired Biosev debt-free.32'