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News InterCement to be sold off to creditors

InterCement to be sold off to creditors

Written by Global Cement staff 30 July 2025
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Brazil: Mover, formerly Camargo Corrêa, has reached a preliminary agreement to sell InterCement to a group of the company’s creditors.

InterCement, currently the third-largest cement producer in Brazil by volume, filed for bankruptcy protection at the end of 2024 with a combined debt of US$2.6bn. Since then, the recovery plan has faced hurdles to gain approval, including opposition from US-based bondholders who objected to earlier agreements made while InterCement was still seeking out-of-court restructuring. They claimed conflicts of interest and preferential treatment for local creditors.

The company’s debt was previously held by three main banks: Itaú Unibanco, Banco do Brasil and Bradesco. However, in June 2025, a group of foreign creditors, along with Argentina-based Pampa Energía, acquired Itaú’s US$450m in InterCement debt, followed by Banco do Brasil’s US$310m. Bradesco has joined with the other creditors in the deal, meaning that the group now controls 100% of InterCement.

Last modified on 30 July 2025
Published in Global Cement News
Tagged under
  • Americas
  • Brazil
  • Argentina
  • Intercement
  • Mover
  • Camargo Correa
  • Takeover
  • GCW720

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