InterCement Participações SA has informed the market that on 1 April 2025, the US Bankruptcy Court for the Southern District of New York entered an order granting recognition of Recuperação Judicial proceeding (the judicial reorganisation process in Brazil, filed by Intercement and certain affiliates) status as a foreign main proceeding under the US Bankruptcy Code. This recognition applies to the cases commenced by InterCement and its affiliates InterCement Brasil SA, Intercement Trading e Inversiones SA and InterCement Financial Operations BV.
Meanwhile, in The Netherlands on 4 April 2025, the Amsterdam Court entered an order declaring the bankruptcy of Dutch subsidiary InterCement Financial Operations BV, following an application filed by certain holders of the 5.750 per cent Senior Notes due 2024 issued by the company. It has appointed Frederic Verhoeven to act as bankruptcy trustee for the company in The Netherlands. The entry of the Dutch bankruptcy order does not substitute the proceeding in Brazil, which continues to be the principal instrument for the global restructuring of the company’s affiliates.
On 4 April 2025, the Judicial Reorganisation Court for the District of the Capital of the State of São Paulo, Brazil, extended the stay period under the proceeding for an additional 180 days and reaffirmed that the bankruptcy of IC Financial does not affect the ongoing reorganisation, among other determinations. Intercement Participações and its affiliates continue to work to achieve a value-maximising solution for all stakeholders as part of their global restructuring efforts.
Intercement 2024 results
In 2024 InterCement posted net sales of BRL7469m (US$1280m), up five per cent YoY. The company’s EBITDA increased by 21.5 per cent YoY to BRL1763m. Intercement narrowed its losses from BRL973m in 2023 to BRL274m in 2024, including a net profit of BRL28m of from discontinued operations.
The company’s net debt increased 12.6 per cent YoY to BRL7.082bn (excluding interests payable) when compared with 31 December 2024, mainly attributed to the devaluation of the Brazilian currency (27 per cent in 2024) and the increase in working capital, particularly in Argentina.
