SAO PAULO, March 11 (Reuters) - Brazilian sugar and ethanol producer Raizen said on Wednesday it has reached an out-of-court debt restructuring agreement with creditors and bondholders covering about 65.1 billion reais ($12.61 billion) in obligations.

Raizen, a joint venture between Shell and Brazilian conglomerate Cosan ( CSAN ), had been in discussions for months seeking alternatives to strengthen its capital structure and address its high debt load.

The company had been facing mounting pressure due to a combination of elevated capital expenditures, unfavorable weather, and wildfires that damaged harvests and reduced cane crushing volumes.

Last week, Raizen signaled it could pursue an out-of-court restructuring to resolve its debt crisis.

($1 = 5.1639 reais)