Latcem, an investment vehicle led by Marcelo Mindlin alongside Redwood Capital Management and funds managed by Moneda-Patria Investments, has moved closer to taking control of Argentina’s largest cement producer, Loma Negra, following a key court ruling in Brazil.
The Bankruptcy and Judicial Recovery Court of the State of São Paulo has approved the debt restructuring plan presented by InterCement, the Brazilian group that owns a 52 per cent stake in Loma Negra and is controlled by Mover (formerly Camargo Corrêa). The decision clears a major hurdle in the proposed transaction and enables the process to enter its closing phase.
Latcem described the ruling as a “key milestone,” noting that the plan includes new financing from incoming shareholders to reinforce working capital and ensure operational continuity during the transition. While regulatory approvals in Brazil and the completion of certain legal procedures abroad are still required, the consortium said these steps are now progressing toward completion.
InterCement said the restructuring allows the group to begin a period of financial stabilisation, supported by a stronger capital structure and the absence of major debt maturities over the next five years. The company holds a 14 per cent share of Brazil’s cement market and controls Loma Negra, which accounts for around 45 per cent of cement sales in Argentina.
Loma Negra reported net revenues of US$154m in 3Q25, down 12.1 per cent YoY, reflecting weaker cement demand. The company posted earnings of US$36m, while net debt stood at approximately US$206m.
Founded in 1926, Loma Negra is one of Argentina’s most established industrial groups. If completed, the transaction would return control of the company to Argentine ownership after two decades under Brazilian control.
