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InterCement Special Report – If there’s a vote, bondholders probably won’t matter

In mid-July, InterCement filed a precautionary measure with a Sao Paulo court. The Brazilian cement maker was awarded an injunction suspending individual debt enforcement for 60 days, during which it was to engage in a mediation with creditors to reach an agreement without the need of filing for bankruptcy. The request was made on behalf of InterCement Brasil SA (ICB) and five other entities: InterCement Participacoes SA (ICP), InterCement Trading e Inversiones SA (ITI), InterCement Trading e Inversiones Argentina SL (ITI ARG), InterCement Financial Operations BV (IC Financial) and ICB’s shareholder Mover Participacoes SA, along with the following creditor list:

 

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