(Bloomberg) -- Unigel, the struggling Brazilian fertilizer maker, obtained approval from a majority of creditors including Pacific Investment Management Co. for its out-of-court restructuring plan, people familiar with the matter said. 

Holders of more than 50% of its debt backed the proposal, according to the people, who asked not to be identified because they’re not authorized to speak about it. The company had until Monday to gather support from more than 50% of creditors and avoid a bankruptcy filing.

Unigel didn’t immediately reply to a request for comment. 

Unigel skipped the payment of coupons on its dollar and Brazilian real-denominated notes amid plummeting earnings. Losses piled up after lower prices of urea and ammonia pressured its operations, leading it to breach covenants on its bonds, which include maintaining debt levels low enough relative to a measure of earnings. 

The plan, first presented in February, originally had the backing of Pimco, DoubleLine Capital, Amundi SA, Banco BTG Pactual SA’s asset-management unit, Moneda, Verde Asset Management and Vontobel Asset Management. 

Only certain financial creditors will have their claims restructured under the plan, Unigel said earlier this year. The proposal aims at restructuring about 3.9 billion reais ($763 million) in existing debt.

The chemical producer was founded by Henri Slezynger and is one of the main fertilizer makers in an economy that is 25% agribusiness. The family, which owns Unigel through a holding company, agreed on giving up on its controlling stake as part of the restructuring. 

The dollar bonds last changed hands at around 32.5 cents.

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