Brazilian cement giant InterCement has filed for bankruptcy, sparking a high-stakes showdown in New York that exposes the complex cross-border battles that international creditors navigate in a tangled insolvency process.

The cash-strapped cement maker sought bankruptcy protection in São Paulo on Dec. 3 after months of negotiations with creditors over missed debt payments. The company listed 29.2 billion reais ($4.8 billion) in debt—a mix of inter-company loans, Brazilian bank debt, and money owed to New York bondholders who are in court claiming unfair creditor treatment.