The homologation secured over 99.9% creditor support and initiates a financial stabilization phase. The restructuring plan provides for a new financing line injected by Latcem to strengthen working capital and facilitate an orderly ownership transition. The new capital structure eliminates significant debt maturities for the next five years, positioning both InterCement and Loma Negra for sustained operational continuity and increased investment capacity.
Loma Negra commands approximately 45% of the Argentine cement market and reported $154 million in net sales in Q3 2025, down 12.1% year-on-year, primarily due to a 13.2% decline in cement volumes. Net earnings for the same period dropped 35.1%, with net debt around $206 million. Founded by Alfredo Fortabat and expanded under Amalita Fortabat, the company had been under Brazilian ownership since 2005 following Camargo Correa’s acquisition for about $1 billion.
The transaction is structured as a debt capitalization rather than a conventional cash purchase, reflecting InterCement’s financial distress that led to its judicial recovery request. This restructuring extinguishes the exclusivity previously held by Companhia Siderúrgica Nacional (CSN) for acquiring InterCement’s assets, reopening competitive options. Despite this, CSN remains interested in acquiring Loma Negra and related assets.
Pending regulatory approvals in Brazil and completion of judicial proceedings abroad remain before Latcem’s takeover finalizes. The process re-establishes Argentine majority control over Loma Negra and strengthens InterCement’s strategic position in both Brazilian and Argentine cement markets, where it holds a 14% share domestically. This turnaround signals increased market stability and potential growth for the cement sector in South America amidst challenging industry conditions.
This article was curated and published as part of our South American energy market coverage.
