Houlihan Lokey Advises InterCement

Houlihan Lokey is pleased to announce the successful completion of the comprehensive financial restructuring of InterCement Participações S.A. (InterCement), encompassing approximately US$1.8 billion of financial indebtedness, including local debentures and USD-denominated senior notes. As part of the transaction, financial creditors converted a portion of their claims into 100% of the company’s equity, and US$110 million of new secured debt was issued, backstopped by Latcem and an ad hoc group of senior noteholders. Houlihan Lokey served as the exclusive financial advisor to InterCement.

InterCement is a privately held company headquartered in São Paulo, primarily engaged in the manufacturing and sale of cement and cement by-products. The company operates 22 cement plants and 17 concrete plants in Brazil and Argentina, with an aggregate installed capacity of approximately 28 million tons per year, and a controlling stake in Loma Negra, a publicly traded cement company in Argentina.

In recent years, InterCement faced financial pressure driven by a sharp rise in Brazilian interest rates—with the Selic rate reaching a multi-year high of 15% per annum—significantly increasing its debt service burden. Combined with macroeconomic volatility in Argentina and foreign exchange pressures, the company’s capital structure became unsustainable.

Houlihan Lokey was engaged to lead InterCement’s restructuring negotiations with its creditor groups through a multi-phase process. The company first secured a protective injunction in July 2024, suspending enforcement actions while initiating mediation with its main financial creditors. Following the expiration of the standstill, InterCement submitted an extrajudicial reorganization plan (recuperação extrajudicial) in September 2024, and subsequently filed for judicial reorganization (recuperação judicial) in December 2024. Houlihan Lokey assisted the company in developing its reorganization plans and negotiating with creditor groups throughout each stage of the process.

In July 2025, InterCement reached an agreement in principle with a substantial majority of its financial creditors, comprising holders of local debentures issued by InterCement Participações and InterCement Brasil S.A., as well as holders of senior notes issued by InterCement Financial Operations B.V. The Judicial Reorganization Plan was approved at the General Meeting of Creditors in October 2025 with the support of over 99% of creditors across all classes, and ratified by the court in December 2025. The effects of the Plan were subsequently recognized in the United States (Chapter 15), Spain, and the Netherlands.

In July 2025, InterCement reached an agreement in principle with a substantial majority of its financial creditors, comprising holders of local debentures issued by InterCement Participações and InterCement Brasil S.A., as well as holders of senior notes issued by InterCement Financial Operations B.V. The Judicial Reorganization Plan was approved at the General Meeting of Creditors in October 2025 with the support of over 99% of creditors across all classes, and ratified by the court in December 2025. The effects of the Plan were subsequently recognized in the United States (Chapter 15), Spain, and the Netherlands.

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