(Bloomberg) -- Unigel Participacoes reached an agreement with creditors led by Pacific Investment Management Co. to kick off an out-of-court restructuring, capping months of talks after the fertilizer maker missed bond payments. 

Unigel and a group of its subsidiaries have filed two plans to a Sao Paulo court, according to a statement released late Tuesday. Only certain financial creditors will have their claims restructured under the plans, it said. 

The Brazilian company is seeking to restructure about 3.9 billion reais ($792 million) in existing debt into new bonds and convertible notes. Unigel said it will issue at least $100 million of new notes maturing in December 2027, and those who inject money will receive a total equity stake of 50%. 

The chemicals maker got the support of more than a third of its debt holders to kick off the restructuring, and it now has 90 days to convince holders of more than 50% of the debt to sign off for the settlement to take effect. 

In addition to Pimco, the plans have the backing of DoubleLine Capital, Amundi SA, Banco BTG Pactual SA’s asset-management unit, Moneda, Verde Asset Management and Vontobel Asset Management, according to a separate filing. Unigel had rushed to pitch the creditors a deal last week to avoid filing for bankruptcy protection, Bloomberg News reported at the time. 

The agreement marks a turnaround for Unigel, which skipped coupon payments on its dollar and Brazilian real-denominated notes in the past few months as losses piled up due to a global downturn in fertilizer prices. It has failed to keep up with some of the terms of its debt, known as covenants, including maintaining debt levels low enough relative to a measure of earnings.

Unigel’s dollar bonds due in 2026 gained as much as 6.3 cents to 31.5 cents on Wednesday, according to Trace data. 

--With assistance from Leonardo Lara.

(Updates bond move in seventh paragraph.)

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