Arabfields, Naïla Mokhtari, North, South and Central America Correspondent — Creditors of Brazilian agribusiness group Safras are set to meet again next week after the company’s financial restructuring failed to secure the necessary quorum at a first meeting held on Friday, keeping key decisions over the group’s future unresolved.

The new creditors’ meeting is scheduled for Sept. 11, when lenders, suppliers and rural producers are expected to return to the negotiating table as the group seeks a way through a judicial recovery process involving about 1.78 billion reais in liabilities.

For many of the creditors, the case is more than a balance-sheet dispute. Safras’ creditor base includes around 800 companies and individuals, with a large share made up of small and medium-sized rural producers. For farmers who supplied grain to the group, the restructuring is closely tied to a more immediate concern, when and how they will be paid.

The scale of the problem has made the Safras case one of the most closely watched agricultural restructurings in Mato Grosso in 2026. The group originally declared liabilities of about 2.2 billion reais before the amount was revised to 1.78 billion reais.

The next meeting is expected to focus on the governance of the companies under recovery and the future role of the judicial administrator. Creditors will also have to consider whether the current restrictions on the controlling shareholders should remain in place and whether a creditors’ committee should be created to monitor the restructuring more closely.

The dispute comes after months of uncertainty over the group’s management and financial position. A court decision has kept the controlling partners, administrators and related rural producers away from the day-to-day management, leaving the judicial administrator responsible for maintaining operations and preserving assets.

That arrangement has increased the importance of the September meeting. A decision to maintain the current intervention would signal that creditors still see significant risks in returning control to the former managers. A change in management, meanwhile, could open the door to a different strategy for dealing with the debt.

For producers, the stakes are particularly high. In agricultural trading, delays in payments can quickly affect the ability of farmers to finance the next planting cycle, buy inputs and meet obligations to banks and suppliers. The longer uncertainty persists, the greater the pressure on businesses that depend on predictable cash flow.

The outlook for Safras is therefore likely to remain tied to two factors, creditor confidence and the group’s ability to preserve its operating assets while restructuring its liabilities. If the Sept. 11 meeting reaches a clear decision, the company could move toward a more stable restructuring framework in the final months of 2026.

If creditors remain divided, however, the process could extend further, increasing legal and financial pressure on the group. With liabilities of 1.78 billion reais and hundreds of creditors involved, even a relatively short delay can have significant consequences across the agricultural supply chain.

The most likely scenario is a continued period of close creditor oversight rather than a rapid return to normal operations. The September vote could provide a clearer direction, but restoring confidence among farmers, suppliers and financial institutions is likely to take considerably longer.

For Safras, the immediate objective is no longer simply to survive the judicial process. It is to demonstrate that the underlying agricultural businesses can generate enough stability and cash flow to support a restructuring that creditors are willing to accept.