Creditors delay decision on restructuring of Brazil's OAS
RIO DE JANEIRO, Sept 29 (Reuters) - Creditors of troubled Brazilian construction company OAS SA postponed making a decision on its restructuring until Oct. 14, a statement from the company said on Tuesday.
The statement said one of the creditors had asked for more time to consider the proposed restructuring of OAS, which filed for bankruptcy protection in March. A majority of creditors voted in favor of the delay.
It is the second such move, after creditors voted to postpone a decision last week until Tuesday.
Under the proposal, OAS's debt would be restructured to allow the company to pay it off using cash flow and asset sales.
OAS filed for bankruptcy protection after it was implicated in a corruption investigation into state-run Petroleo Brasileiro , which resulted in OAS having payments from the oil company and credit lines cut off. (Reporting by Stephen Eisenhammer; Editing by Tom Brown)
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