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Intercement bondholders get seat at the negotiating table by blocking path to plan approval via cramdown – Legal Analysis

The unexpected acquisition by an ad hoc group of bondholders of certain InterCement prepetition claims previously held by Itau Unibanco has significantly strengthened their position among the creditors impaired by the bankruptcy. The maneuver changed the restructuring dynamics right before plan voting by placing those creditors – which until then had seemingly been ignored – in a position that may be strong enough to prevent a plan approval via cramdown.

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