Brazil’s OAS creditors to take over Invepar stake

Thu Apr 21, 2016 

 Brazilian construction company Grupo OAS said its creditors would take over its 24.5 percent stake in infrastructure company Invepar as part of a restructuring plan.

OAS’s shares of Invepar will be transferred to SPE Credores by the end of the day on May 31, the company said in a statement on Thursday.

Grupo OAS filed for bankruptcy protection in a São Paulo court last year to restructure 8 billion reais ($2.3 billion) in debt owed by nine units.

The bankruptcy petition came after Grupo OAS struggled with the impact of a corruption probe at government-controlled oil producer Petróleo Brasileiro SA and other state companies that limited access to financing.

($1 = 3.5 reais) (Reporting by Caroline Stauffer; Editing by Lisa Von Ahn)

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