InterCement Brasil filed a request for judicial recovery with the 1st Bankruptcy and Judicial Reorganization Court of the State of São Paulo. RJ also involves its controlling company, Mover (formerly Camargo Corrêa), according to a relevant company fact released on Tuesday night (3).
After request extrajudicial recovery in SeptemberInterCement stated that, despite efforts to restructure and resolve financial obligations, it was not possible to reach an agreement with creditors for its R$14.2 billion in debt.
“The measure will provide stability to the requesting companies, preserving their ability to generate value for their customers, employees, suppliers, partners and others stakeholdersas well as fulfilling its social function”, he added.
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The company also said that the judicial recovery will allow such negotiations to be concluded in a “timely manner”, regardless of the eventual asset sale process, given its “robust cash generation capacity”.
“Due to the request for judicial recovery, the exclusivity agreement for the potential sale of shares representing 100% of ICP’s share capital is no longer in force,” stated the cement manufacturer in the document.
The judicial recovery paralyzes negotiations for the sale of InterCement to CSN Cimentos, which had an exclusive agreement to negotiate the acquisition. One clause of the agreement between the companies provided that, if InterCement requested RJ, the exclusivity would be annulled.
