Shell (SHEL) and Cosan (CSAN) joint venture Raizen said Wednesday it filed for an out-of-court reorganization to restructure approximately 65.1 billion Brazilian Reais ($12.50 billion) in unsecured financial obligations.

Creditors holding over 47% of the unsecured debt have already endorsed the proposed agreement, and the agricultural producer has 90 days from court acceptance to secure sufficient support to bind all covered claims to the new payment terms, the company said.

The restructuring framework could include capital contributions from shareholders, debt-to-equity conversions, new debt issuances, or asset divestments, the company said.

The financial reorganization will not impact commercial obligations to customers or suppliers, with daily operations continuing normally, it said.