Debt Deal Hands Control of InterCement to Creditors, Redefining Market Leadership

InterCement, one of Brazil’s largest cement makers, and its parent group Mover, have finalized a landmark debt deal after months of legal battles over unpaid loans.

Both firms, heavily in debt and in court-supervised restructuring since December 2024, faced more than R$14 billion (around $2.7 billion) in liabilities—mostly from bonds and large loans.

Facing mounting pressure, Mover agreed to sell its 14.86% stake in a key infrastructure company, Motiva (formerly CCR), to repay R$3.1 billion it owed to major lender Bradesco.

Other leading investors in Motiva, including Itaúsa and Votorantim, may buy these shares, keeping them in local hands.

After this sale, Mover expects to have about R$1 billion in cash to settle further debts, but it will lose its biggest income sources and key holdings—Motiva and InterCement.

As part of the agreement, InterCement will come fully under control of its creditors, who are taking over ownership and management to ensure the company survives.

InterCement’s remaining debts will stand at about R$2 billion, much lower than before.

Debt Deal Hands Control of InterCement to Creditors, Redefining Market Leadership

The company is the third largest cement producer in Brazil, and owns Loma Negra, Argentina’s market leader listed on the New York Stock Exchange.

InterCement had R$1.86 billion in cash at the end of the first quarter of 2025, after selling some foreign assets and continuing to operate.

Motiva, the infrastructure firm at the heart of the deal, manages much of Brazil’s toll roads and major transport routes.

It reported revenues of R$21.69 billion in 2024 and posted steady profits, highlighting its importance for Brazil’s economy.

This restructuring illustrates how Brazilian companies are now forced to hand control to creditors when debts spiral out of control.

It’s a clear example of how lenders and not previous owners now decide the fate of big firms in trouble.

This approach keeps basic infrastructure running and protects jobs, but strips owners of influence and wealth, reflecting a tough new reality for Brazil’s largest private groups.

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