RPT-UPDATE 1-Brazil court seizes some of builder OAS's Invepar shares

viernes 30 de enero de 2015 18:55 GYT
 

(Repeats to additional subscribers) (Adds OAS statement)

SAO PAULO Jan 30 (Reuters) - A Brazilian state court on Friday seized an 8.9 percent stake in Investimentos e Participações em Infraestrutura SA owned by construction group OAS SA, alleging the debt-ridden builder is in imminent risk of insolvency.

Judge Roberto Corcioli Filho of the Justice Court of São Paulo state said in a telephone interview that the seizure had been requested by Pentágono SA DTVM, a trustee representing the holders of 160 million reais ($60 million) of OAS local debt notes.

OAS holds a 25 percent stake in Invepar through its wholly controlled OAS Infraestrutura SA subsidiary.

Corcioli's order followed OAS's decision to move some of the 105 million common and preferred shares it owns in the infrastructure company, also known as Invepar.

The trustee suspects OAS transferred the shares to protect them from the note holders and other creditors, according to court documents.

OAS plans to appeal the ruling, which it said was made on incomplete information from the plaintiffs.

"At no moment did OAS attempt to give preferential treatment to any creditor or transfer assets in order to deplete its equity," it said in a statement.

OAS reiterated it will soon present a restructuring plan to creditors that could include asset sales to raise cash and lower its debt.   Continuación...