The aircraft took off from Carolina to Florian¢polis in Brazil. After reaching the cruise level (FL080), the right engine started to fail due to severe oil leakage. The pilots feathered the propeller, cut the engine and decided to return to Carolina. The aircraft began to lose height as it was not able to maintain altitude, even with maximum power of the other engine. The crew jettisoned the cargo, auxiliary fuel tanks and parachutes. These measures did not prevent the aircraft from continuing to lose height, which forced the pilots to decide to land on a runway that was currently overflown. During the final approach to landing, the left engine also began to fail. In an attempt to reach the runway, the landing gear was lowered too close to the landing and there was not enough time for the system to fully lock down. The aircraft came down on the fuselage and slid diagonally across the runway, ending up off the side.