Mover SA, Intercement Participações SA, Sucea Participações SA, and Sincro Participações SA (collectively the “Mover Group”), all under judicial reorganisation, have announced an agreement in principle with a majority of Intercement Group’s financial creditors.
Under the agreement, Intercement would contribute BRL450m in cash to Mover and issue warrants linked to a potential BRL50m payment. Creditors would take full equity control of Intercement, which will adopt enhanced corporate governance standards.
A mix of cash, secured notes, equity, and new instruments tied to Intercement’s Loma Negra stake would be given to debenture and bondholders. Intercement's Loma Negra shareholding would undergo a marketing process.
The agreement remains subject to due diligence, tax and legal structuring as well as final approvals.
In a separate agreement, Bradesco's claims against Mover have been addressed, pending necessary approvals.
