InterCement Debt Deal Shifts Control to Creditors, Cement Market Impact

The towering debt crisis engulfing one of Brazil’s industrial giants has culminated in a historic transfer of power. After months of legal battles, InterCement—Brazil’s third-largest cement producer—and parent company Mover have finalized a sweeping InterCement debt restructuring agreement. This pivotal deal, forged under court supervision, shifts ownership and operational command entirely to creditors, reshaping the future of a company holding critical assets across Latin America.

InterCement Debt Restructuring: From Billion-Dollar Liabilities to Creditor Control

Facing crushing liabilities exceeding R$14 billion (approximately $2.7 billion), Mover initiated court-supervised debt restructuring in December 2024. The plan centered on liquidating prime assets to appease major lenders like Banco Bradesco. In a decisive move, Mover agreed to sell its 14.86% stake in Motiva (formerly CCR), Brazil’s leading toll-road operator, for R$3.1 billion. This directly addresses Mover’s debt to Bradesco, while local investors Itaúsa and Votorantim may acquire the shares to retain national control. Post-sale, Mover anticipates R$1 billion in residual cash but loses its crown jewels: Motiva and InterCement. The latter now falls wholly under creditor stewardship, slashing its debt burden to R$2 billion. As reported in Q1 2025 financial disclosures, InterCement retains R$1.86 billion in liquidity, providing a lifeline for stabilization under new leadership.

Economic Ripples: Cement Markets, Jobs, and Brazil’s Infrastructure Lifeline

This takeover transcends corporate maneuvering, safeguarding InterCement’s vast operational footprint. The company dominates Argentina’s market through NYSE-listed subsidiary Loma Negra and employs thousands regionally. Creditor intervention prevents disruptive collapses in cement supply chains, vital for Brazil’s construction sector. Simultaneously, Motiva—whose 2024 revenue hit R$21.69 billion—remains a linchpin in national infrastructure, managing essential highways across Brazil. The restructuring exemplifies a broader trend in Brazil’s corporate landscape, where lenders increasingly dictate terms to salvage systemically important firms. As noted by financial analysts at FGV São Paulo, “Creditor-led takeovers are becoming Brazil’s default crisis solution—prioritizing economic stability over founder legacies.” While this shields jobs and services, it underscores the peril facing overleveraged conglomerates.

The InterCement debt restructuring marks a definitive power shift in Brazilian industry—where creditors now steer the fate of fallen giants. With Motiva’s stake sold and InterCement under new management, this deal stabilizes critical infrastructure and cement supplies but signals a harsh new reality for indebted corporations. Monitor InterCement’s operational strategy under creditor guidance for insights into Brazil’s evolving economic recovery.

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Must Know

What triggered InterCement’s debt crisis?
InterCement and parent firm Mover accumulated over R$14 billion in liabilities, primarily from bonds and large loans. By December 2024, unsustainable obligations forced court-supervised restructuring, leading to asset sales and creditor intervention to avoid bankruptcy.

Who is buying Mover’s Motiva stake?
Mover sold its 14.86% Motiva shareholding to repay R$3.1 billion to Banco Bradesco. Brazilian investment firms Itaúsa and Votorantim—existing Motiva stakeholders—are positioned to acquire these shares, maintaining domestic control of the infrastructure giant.

What happens to InterCement now?
Creditors assume full ownership and management control. InterCement’s debt drops to ~R$2 billion, backed by R$1.86 billion in cash reserves. Operations continue, including its Argentine subsidiary Loma Negra, under creditor-appointed leadership focused on financial recovery.

Why is Motiva pivotal to this deal?
Motiva generates enormous revenue (R$21.69 billion in 2024) and operates crucial Brazilian toll roads. Its profitable shares provided the liquidity needed to settle Mover’s debts, making it the centerpiece of the restructuring agreement.

How does this reflect broader trends in Brazil?
This follows a pattern where creditors rescue major companies via debt-for-equity swaps, ensuring job retention and service continuity. It highlights tightened lender influence over corporate rescues, as seen in recent cases like Oi telecom.