Independent investment bank Moelis & Company (MC.N) and financial consultancy firm Journey Capital, ​advisers to creditors of sugar and ethanol producer ‌Raizen (RAIZ4.SA), received non-binding offers from private equity firm IG4 late on Monday to acquire credits and control of the ​company, according to three people familiar with ​the matter.

Two of them cautioned that any deal ⁠remains far from certain, with one adding that ​creditors are unlikely to reach a decision anytime soon.

One ​of the three said creditors accepted Raizen's offer to convert debt into equity because it was the best alternative available, ​but that they would prefer not to remain ​shareholders.

"So (the success of the proposal) will come down 100% to ‌the ⁠conditions offered by IG4," the person said.

IG4, Moelis and Journey Capital declined to comment.

IG4, which recently became co-controller of petrochemical producer Braskem (BRKM3.SA) alongside oil giant Petrobras (PETR3.SA), ​is seeking ​to purchase ⁠control of Raizen, which just announced a 65 billion reais ($12.7 billion) debt restructuring ​with local and international creditors, the largest ​out-of-court ⁠restructuring on record in Brazil.

Known for pursuing control or co-control of its acquisitions, IG4 will likely move forward ⁠with ​the offer only if it ​secures at least 50% plus one of the restructured credits, the ​people said.