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

The announcement comes after Grupo OAS has found no bidders for its stake in the 14 March 2016 deadline.

Before Brookfield Asset Management Inc had withdrawn its R$1.35 billion (US$365.3 million) offer because it did not reach an agreement with other shareholders in Invepar (local pension funds Previ, Petros and Funcef) regarding the future of the company.

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

Grupo OAS filed for bankruptcy protection in March, struggling with the impact of a corruption probe at state-controlled oil producer Petróleo Brasileiro SA and other state firms. The company designed a recovery plan that was approved by creditors consisting of a series of asset sales. 

Invepar currently controls twelve concessionaires in the highway, airport and urban mobility segments.

Invepar controls the concession of Guarulhos airport. Guarulhos airport is the main airport serving São Paulo, Brazil. It is located in the municipality of Guarulhos in Greater São Paulo. The airport was ranked first in Brazil in terms of transported passengers, aircraft operations, and cargo handled, placing it as the busiest airport in Latin America by passenger traffic (36,000,000 in 2013).