Cimento Tupi files for bankruptcy
Mining News Pro - Cimento Tupi has filed for so-called preventative bankruptcy to deal with its US$627m total debts, with the majority attributable to bondholders. The Valor Economico newspaper has reported that the cement producer has suffered due to a downturn in the sector since 2014 and currency depreciation.
The producer has an installed capacity of 2.5Mt/yr consisting of one integrated plant at Pedra do Sino in Minas Gerais and a grinding plant in Modi das Cruzes in São Paulo. In 2011 it began modernisation of its cement operations, for which it withdrew bank loans. Lenders launched legal action in April 2019 after the company defaulted on around US$30m of repayments to foreign investors.
Source: globalcement.com