A Dutch court has decided to declare the bankruptcy of InterCement’s Dutch subsidiary, InterCement Financial Operations BV (IC Financial), according to two sources familiar with the matter. The procedure is equivalent to a liquidation.

The court has appointed a liquidator, according to the first source. Frederic Verhoeven, a partner at Houthoff Advocaten, worked as the observer official in the previous public WHOA (Wet Homologatie Onderhands Akkord) proceeding.