Brazil: Brazilian construction group Camargo Corrêa is prepared to sell assets to help reduce its US$6.38bn debt, according to CEO Vitor Hallack.
"We put up US$2.41bn to acquire cement manufacturer Cimpor in 2012, which became InterCement. It was a strategic option to double our size in Brazil and increase our international presence," said Hallack. Brazil's economy, however, has negatively impacted the company's plans.
To resolve matters, Camargo Corrêa has extended US$536m of its short-term debt. After negotiating with banks, its obligations have been extended to 66 months from 12 months. Moreover, assets in two companies could be sold off if the price is right and the opportunities arise. The company could sell off textile group São Paulo Alpargatas and seek partners for InterCement, according to Hallack, who reiterated that the company's energy firm CPFL Energia and transportation infrastructure arm CCR will not be sold.