A Brazilian court approved a debtor-in-possession loan to engineering firm OAS SA, the company said, after it earlier this year filed for bankruptcy protection in the wake of a corruption investigation that shut its access to refinancing.
In a statement published late on Tuesday, OAS said judge Daniel Carnio Costa freed up the so-called DIP loan of 800 million reais ($254 million) after court-appointed administrator Alvarez & Marsal Holdings LLC gave the go-ahead for the financing facility.
Canada’s Brookfield Asset Management will extend the loan to OAS, which will set aside a 24.4 percent stake it owns in infrastructure company Invepar as collateral, the statement added. The loan will be repaid once the Invepar stake is sold, the statement added. Brookfield is interested in that asset, sources told Reuters recently.
Brazil Energy Insight 
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