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Brazil chief justice reverses Petrobras divestment injunction

Brazilian Supreme Court Chief Justice Dias Toffoli overturned an injunction against state-controlled Petróleo Brasileiro SA- Petrobras, temporarily allowing the state-run oil company to resume its divestment program, Reuters reported.

The ruling, which reverses a decision from December 2018, should remain in place until Feb. 27, at which time the case will be heard by the full Supreme Court.

Under an agreement with the Brazilian government, Petrobras had planned to dispose of about $27 billion worth of assets over a 5-year time frame to help fund debt repayments. However, Brazil's Workers Party filed a lawsuit questioning the company's ability to execute on the sales as planned.

This article was published by S&P Global Market Intelligence and not by S&P Global Ratings, which is a separately managed division of S&P Global.