Until now, almost everyone — ourselves included — was working under the assumption that the recovery for InterCement’s 2024 bonds (in terms of principal only, not necessarily NPV) was par. We calculated that the Brazilian cement maker’s net debt was not “that high,” and between what it could get from the sale of its Loma Negra business in Argentina and its operations in Brazil, that there would be enough for everybody to be made whole. In our previous report, we discussed a few potential complications that could prevent a deal from going through, but still had the underlying assumption that the value of the assets was greater than the value of the liabilities.