By Brazil Stock Guide – Argentine investment group Emes has acquired $400 million of InterCement Participações SA’s debt, a move seen as pivotal for the Brazilian cement maker’s court-supervised restructuring. The transaction will be formally disclosed during a shareholder meeting scheduled for October 6.
InterCement, which filed for bankruptcy protection in December 2023, is pushing to restructure about 15 billion reais ($2.7 billion) in liabilities. Creditor assemblies set for September 30 and October 6 will vote on the company’s proposed recovery plan, according to InvestNews.
The financial crisis traces back to last year, when InterCement defaulted on $750 million of bonds now trading at around 50 cents on the dollar. In early September, a meeting of creditors ended without a vote, though the company secured an extension of its debt standstill until October 9.
The restructuring plan includes 3.2 billion reais owed by its parent company Mover, formerly Grupo Camargo Corrêa, to Banco Bradesco SA (BBDC4). Shares in Motiva, formerly CCR SA (CCRO3), were pledged as collateral. In July, InterCement and Mover signed a preliminary deal with creditors to sell a 14.86% stake in Motiva to pay down part of that debt.
InterCement operates in Argentina through Loma Negra Cia Industrial Argentina SA (LOMA), running 23 cement plants, 14 concrete plants and two aggregates units with capacity of 28 million tons annually. In Brazil, the company has 15 production units across nine states and employs about 3,400 people.
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