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Judge Dias Toffoli Maintains Decision Until February 27, When the Entire Supreme Court Will Hear the Case of Petrobras’s Asset Sales
The President of Brazil’s Supreme Court restored a presidential decree that regulates how the Brazilian state-owned company Petrobras (PETR4.SA) can carry out an ambitious divestment program aimed at reducing the company’s significant debt. Judge Dias Toffoli’s decision, signed on Friday, overturned an injunction issued by a colleague last month. Toffoli’s decision is set to last until February 27, when the entire Supreme Court will hear the case.
The December injunction, following a lawsuit filed by the opposition Workers’ Party, raised doubts about Petrobras’s ability, as the company is known, to carry out the divestments as planned.
Petrobras is planning an asset sale of US $26.9 billion over the next five years, according to a strategic outlook released at the end of last year. These include subsidiaries, oil fields, and some refineries.
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