De Brauw has advised the InterCement Group on its multi-jurisdiction restructuring process, addressing over USD 1.5 billion in unsustainable debt. The InterCement Group's restructuring efforts consisted of consecutive mediation, extrajudicial ('EJ') and judicial reorganization ('RJ') proceedings in Brazil, proceedings for recognition of a Brazilian plan in the United States and Spain, and proceedings for the implementation of a parallel plan in the Netherlands.

In the Netherlands, De Brauw represented InterCement Financial Operations B.V. (ICBV) and other entities within the InterCement Group. First in WHOA proceedings and, when ICBV was ultimately declared bankrupt after eight months of complex and contentious stakeholder dynamics, bankruptcy. Multiple restructuring iterations before the Dutch, Brazilian, US and Spanish courts resulted in terms widely supported by the InterCement Group's stakeholders, allowing restructuring plans to be sanctioned and recognized across jurisdictions. A key part of these successful restructuring plans is the composition plan adopted in ICBV's bankruptcy, allowing ICBV to re-emerge as a going concern.