(Adds comments from second source, background throughout)
SAO PAULO, Nov 10 (Reuters) - Creditors of Grupo OAS
OAEP.UL , the Brazilian engineering firm under creditor
protection, have preliminary agreed to sell a 24.4 percent stake
in infrastructure firm Invepar to Brookfield Asset Management
Inc BAMa.TO , two sources with direct knowledge of the
situation said on Tuesday.
Under terms of the plan, creditors agreed to sell the asset
under the condition that Brookfield dropped a plan to extend OAS
a debtor-in-possession loan worth 800 million reais ($210
million), said the first source, who requested anonymity since
the deal remains underway.
The Canadian firm will instead give OAS a so-called exit
loan worth 600 million reais ($158 million) that will be repaid
with proceeds from the Invepar stake sale, the first source
added. The transaction still requires creditor approval in an
assembly, that of the bankruptcy court running the Grupo OAS
process and three major pension funds that are OAS's partners in
Invepar, the second source added.
Neither source disclosed the size of the sale. OAS and
Brookfield declined to comment.
According to Folha de S. Paulo newspaper, which did not say
how it obtained the information, Brookfield offered to pay about
1.35 billion reais for the stake in Invepar, formally known as
Investimentos e Participações em Infraestrutura SA. OAS
Investimentos, the unit that managed the Invepar stake for OAS,
hoped to fetch at least 2.2 billion reais for the asset,
executives told Reuters in August.
OAS Investimentos as well as pension funds Previ, Funcef and
Petros were joint partners in Invepar, which has the right to
operate São Paulo's Guarulhos International Airport.
Brookfield had secured the right to top any bid from rival
parties interested in OAS's Invepar stake, namely local buyout
firm GP Investments Ltd GPIV33.SA and France's Vinci SA
SGEF.PA , sources told Reuters in June.
In March, Grupo OAS filed for bankruptcy protection in a São
Paulo court to facilitate the restructuring of 8 billion reais
in debt owed by nine units. The bankruptcy petition came after
Grupo OAS struggled with the impact of a corruption probe at
state-controlled oil producer Petróleo Brasileiro SA PETR4.SA
and other state firms that undercut access to financing.
An economic downturn and a slumping currency also took a
toll on Grupo OAS.
($1 = 3.7469 Brazilian reais)