A Brazilian bankruptcy court upheld a restructuring plan for embattled engineering conglomerate Grupo OAS, paving the way for a slew of asset sales aimed at helping pay over 8 billion reais ($2 billion) in liabilities.
In a Thursday statement, the São Paulo-based group said that bankruptcy judge Daniel Carnio Costa gave his approval to the plan, which had previously been voted by an assembly of creditors in December. Under the plan, creditors will take an 80 percent loss on their debt and accept repayment for as many as 25 years.
OAS now has five business days to publish terms of an auction to sell a 24.4 percent stake in infrastructure company Invepar, the statement said. The Invepar sale, whose minimum auction price creditors set at 1.35 billion reais, is expected next month, with Brookfield Asset Management Inc securing the right to top bids from any other interested party.\
Brazil Energy Insight 
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