Engevix sells airports for R$ 400 million02/06/2015
Corporacíon América, the Argentinean partner of the Brazilian construction company Engevix, has purchased the Brazilian company’s corporate interest in the projects involving the airports in Natal and Brasília.
Under the deal, Engevix will receive a little over R$ 200 million (US$ 63 million) with which to liquidate its debts with banks. Another R$ 200 million will be discounted from a debt that the Brazilian company has with its Argentinean partner that resulted from an investment that it has failed to pay up.
Engevix is undergoing financial difficulties. One of its three partners, Gerson de Mello Almada, was arrested by the Federal Police due to his involvement in the ‘Lava Jato’ operation scandal that is investigating corruption in the state-controlled oil company Petrobras and fraud in public bidding processes.
This is the second deal that Engevix has made in an attempt to pay off its debts. In February this year, the company sold off its equity interest in the power generation company Desenvix for around R$ 500 million. As is the case with the airports, the resources from this operation is also being used to settle debts in arrears with banks.