CaribPR Wire

SAO PAULO, April 2, 2015 /PRNewswire/ — Judge Daniel Carnio Costa, of the 1^st Section of Bankruptcy and Judicial Recoveries of the Court of Justice of the State of Sao Paulo, accepted yesterday the petition for Judicial Recovery placed by nine companies of OAS Group.

According to Costa’s decision, Construtora OAS, OAS S.A., OAS Imoveis S.A., SPE Gestao e Exploracao de Arenas Multiuso, OAS Empreendimentos S.A., OAS Infraestrutura S.A., OAS Investments Ltd., OAS Investments GmbH and OAS Finance Ltd. have, from now on, 60 days to submit to the creditors and suppliers the Plan for Recovery of the debts contracted until March 31, 2015.

All debts contracted as of the month of April will be fully paid. Payments of salaries and benefits of more than 100 thousand direct or indirect employees will not be affected by the process of Judicial Recovery.

The office of Alvarez & Marsal Consultoria Empresarial do Brasil was appointed as the Court-Appointed Trustee. It is the Court-Appointed Trustee’s responsibility to inspect the operations of the companies under Judicial Recovery, verify the list of creditors, chair the General Creditors’ Meeting and, finally, inspect compliance with the Judicial Recovery Plan approved by the creditors. Alvarez & Marsal will have no administrative role in any of the companies of OAS Group.

The initiative to go into Judicial Recovery was the best path found by OAS Group to negotiate its debts with creditors and suppliers due to the intense credit restriction observed since the end of last year for the companies in the infrastructure sector due to investigations at Petrobras.

“With almost 40 years of existence, OAS is compelled to take measures which allow it to continue operating in a healthy debt renegotiation process, preserving thousands of direct and indirect jobs,” said Fabio Yonamine, chairman of OAS Investimentos.

According to Diego Barreto, director of Corporate Development of Construtora OAS, the Group “will take to the negotiation of this process contributions which are very different from the ones observed in other Judicial Recoveries. A company with resources to maintain its activities, valuable assets and a team of professional managers provides clients, creditors and suppliers with a much safer environment for negotiations.”

OAS will sell some of its assets in the process of Judicial Recovery to provide safety to the investors who will take no risk of having their business contested by the creditors of the Group. The disinvestment in assets is also caused by the decision to concentrate efforts on what is its main vocation, heavy construction.

The participation of OAS S.A. in Invepar, the participation in Enseada Shipyard, OAS Empreendimentos, OAS Soluções Ambientais, OAS Oleo e Gas and OAS Defesa will be offered for sale. Arena Fonte Nova and Arena das Dunas will also be traded.

Construtora OAS goes into Judicial Recovery for technical matters, as it is already the guarantor of the Group’s loans, rather than for lack of liquidity.

“Construtora OAS bets on a professional governance, a corporate remodeling, revision of its management processes, strengthening of the compliance and internal audit areas, besides tough guidelines for reducing risks in the business conduction. The aim is making the company leaner, more agile, more competitive, focused on productivity and costs,” said Yonamine.

OAS – Comunicacao+
+ 55 11 3874-2020

The group will sell assets to pay off debts and capitalize on their core business, heavy construction

SAO PAULO, March 31, 2015 /PRNewswire/ – OAS Group has filed this Tuesday (31) an application for Judicial Recovery of nine of their companies to the Judiciary of the State of Sao Paulo. The initiative was the best path found by the Group to renegotiate their debts with creditors and suppliers in view of the intense restriction of credit observed since the end of last year. OAS also decided that it will concentrate efforts on what is its primary purpose, heavy construction.

“The infrastructure sector depends on intense capital financing for the development of projects that support the economic growth of the Country. Since the beginning of the investigations at Petrobras, the financial institutions have systematically restricted the access of enterprises to the resources necessary for the maintenance of projects. With almost 40 years in operation, the OAS has been compelled to take measures that will enable it to continue to operate in a healthy process of renegotiation of debts, while preserving thousands of direct and indirect jobs,” says Fabio Yonamine, OAS Investments president.

OAS will bring to this case’s table very distinct contributions from those observed in other Judicial Recoveries. A company having the resources to maintain their activities, valiant assets and a team of professional managers provides the customers, creditors and suppliers a much safer environment for negotiations.

“We will sell our assets in a Judicial Recovery case in order to give safety to the investors so that they are not at risk of having their business disputed in Justice by OAS creditors. The divestment of assets is motivated also by the decision to prioritize the core business of the Group, which is our heavy construction arm, Construtora OAS,” says Diego Barreto, Construtora OAS Corporate Development director.

Assets that will be put up for sale are the participation of OAS S.A. in Invepar (24.44% of the business), the slice of Enseada Shipyard (17.5%), OAS Empreendimentos (80%), OAS Soluçoes Ambientais (100%), OAS Oleo e Gas (61%) and OAS Defesa (100%). Arena Fonte Nova (50%) and Arena das Dunas (100%) will also be traded.

Barreto also emphasizes that Construtora OAS is applying for Judicial Recovery for technical reasons, since it is a guarantor of the funding of the Group, not because of a lack of liquidity, which is a problem that has reached the other companies included in the application (OAS S.A. , OAS Imoveis S.A., SPE Gestao e Exploracao de Arenas Multiuso, OAS Empreendimentos S.A., OAS Infraestrutura S.A., OAS Investments Ltd., OAS Investments GmbH and OAS Finance Ltd.).

After the granting of the recovery application by the Judiciary, OAS will have 60 days to submit the plan for the restructuring of debts to creditors and suppliers, who will have 120 additional days to discuss and approve the proposal. Debts incurred up to today’s date (March 31) will be frozen and renegotiated. All debts made from the month of April will be fully complied with. Payment of salaries and benefits of employees are not affected by the Judicial Recovery process. Directly or indirectly, there are more than 100 thousand employees involved.

The Judicial Recovery application does not include the Special-Purpose Societies (SPEs – “Sociedades de Proposito Especifico“) of OAS Empreendimentos, which are responsible for the development and construction of real estate ventures in several Brazilian States. This way, no purchasers of the properties will be affected by any agreement established within the Judicial Recovery.

Also excluded from the Judicial Recovery are Arena das Dunas, Arena Fonte Nova, OAS Solucoes Ambientais and OAS Oleo e Gas, in addition to OAS holdings in the Porto Novo dealership, in Enseada Shipyard, in OAS Logistica, in OAS Energy and OAS Defesa.

The difficulties for OAS began in November, from the investigations on Petrobras, which resulted in the termination of credit lines. At the same time, customers briefly suspended their payments and new contracts. As a result, rating agencies have lowered OAS’s grade, which has led to the early maturity of its debts.

With the aggravation of the situation, OAS has decided, at the end of 2014, to temporarily suspend the payment of debts maturing in January. The immediate goal was to continue the operations, maintain the payroll up to date and fulfill tax commitments.

Construtora OAS is investing in a professionalized governance, in the corporate remodeling, in the reviewing of their management processes, in the strengthening of the compliance and internal audit departments, in addition to strict guidelines to reduce risks in conducting business. The goal is to make the company leaner, more agile, more competitive, focused on productivity and costs.

Contact
+ 55 11 3874-2028/2040

LONDON, Aug. 16, 2012 /PRNewswire/ — UBM Aviation and the Latin American and Caribbean Air Transport Association (ALTA) have announced the launch of a major new event for the region’s airline engineering and maintenance community. The Latin America & Caribbean Engineering & MRO Summit 2012 will take place in Sao Paulo, Brazil, on October 17-19, 2012 and will bring together senior representatives from the entire MRO spectrum from across the region, and their international counterparts.

(Logo: http://photos.prnewswire.com/prnh/20120816/554747-a )
(Logo: http://photos.prnewswire.com/prnh/20120816/554747-b )

Through this new partnership ALTA and UBM Aviation will work together for the benefit of the region’s aviation industry. UBM Aviation’s CEO Phil Callow said that "with regional MRO growth rates exceeding 5% annually over the next decade, this collaboration is the perfect marriage of ALTA’s leadership in this rapidly-developing region and UBM Aviation’s expertise at facilitating knowledge-sharing and networking in this industry."  He added, "We look forward to working with ALTA to create a summit which will serve as the region’s meeting place for airlines, MROs, OEMs, lessors and other suppliers from around the world."

Alex de Gunten, ALTA´s Executive Director, noted, "ALTA is delighted at the opportunity of working together with a world-class organization, like UBM, with expertise in such a broad range of aviation related services.  This will allow us to apply our know-how and relationship-building experience in the Latin America and Caribbean, leveraging our leadership, expertise and presence in the Region to continue promoting a safer and more efficient industry."   ALTA recently held the long-standing and highly successful Aeronautical Material Procurement Committee (CCMA by its Spanish acronym), an event that hosted over 800 attendees and sold out nearly one month before the conference.

The region’s airline community is supporting this new event which is expected to act as a catalyst for the development of cutting-edge maintenance and engineering services in one of the world’s fastest – growing aviation regions. The high-profile conference will take place over two days and will feature a high level summit, closed airline sessions, a gala dinner and a host of other networking and learning opportunities. 

For full programme information and to register please visit http://www.alta-ubma-mrosummit.com

About UBM Aviation
UBM Aviation, a UBM plc company, is the pioneer of innovative market leading aviation solutions. Our instantly recognisable brands provide the data, analysis, events, media and consultancy services that drive route development and financial growth for our customers’ businesses.
For more information, visit http://www.ubmaviation.com

About ALTA
ALTA (Latin American and Caribbean Air Transport Association) is a private, non-profit organization, whose more than 40 member airlines represent over 90 percent of the region’s commercial air traffic. ALTA coordinates the collaborative efforts of its members in order to facilitate the development of safer, more efficient and environmentally friendly air transport in the Latin America and Caribbean region for the mutual benefit of the association’s members, their customers and the industry.

For more information, visit http://www.alta.aero