Brazilian cement maker InterCement Brasil SA has filed for Chapter 15 relief in the US seeking recognition of insolvency proceedings in Brazil.

InterCement requested a precautionary measure on Monday (15 July) from the First Bankruptcy Court of São Paulo ahead of the impending maturity of its 2024 bonds and also filed a Chapter 15 petition in the US. It obtained the precautionary measure, suspending debt enforcement, and began a 60-day mediation process.

Judge Lisa Beckerman of the US Bankruptcy Court for the Southern District of New York is overseeing the Chapter 15 case and has not yet scheduled an initial hearing.