With An Eye on Invepar, Canadian Company Rescues OAS with US$ 260 Million

04/17/2015 - 09h24

The OAS should receive in the coming days a financing worth US$ 264 million from Canadian asset management company Brookfield. The collateral for the loan is a part of the share of 24.4% that the group holds in Invepar, a dealership from Guarulhos airport.

No credit after their involvement in the 'Car Wash Operation', OAS asked bankruptcy protection to avoid bankruptcy. The group has offered to sell part of its business to pay its debts, which amount to US$2.7 billion.

According to what Folha learned, the sale of Invepar, however, should only occur in six months, when the OAS get the approval of creditors for its restructuring plan. Brookfield itself is the leading candidate to stay with the business.

Buyers will only be confident to close the deal after the plan is approved, because only then are they free from the risk that the business may be embargoed by OAS creditors.

Meanwhile, the company needs more credit not to interrupt the activities and save about 120,000 jobs.

The funding granted by Brookfield is specific to companies in bankruptcy protection. The loan must be approved by a judge and is advantaged when payments are made to other creditors.

The OAS was in crisis after its top executives were arrested by the Federal Police accused of paying bribes to obtain advantages in contracts with Petrobras.

Translated by CRISTIANE COSTA LIMA

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	Paulo Whitaker - 20.mai.2014/Reuters
	The new terminal 3 at Guarulhos International Airport