São Paulo’s 1st Bankruptcy and Corporate Reorganization Court issued a preliminary injunction blocking French retail group Casino from selling its roughly 20% stake in Grupo Pão de Açúcar (GPA).
The injunction—granted after an arbitration panel had denied the same request the previous week—came in response to a petition filed by the Brazilian retailer, which informed the court that Casino had moved to sell its entire stake through an investment vehicle. According to lawyers involved in the case, blocking the sale is critical to securing a reimbursement that could reach R$1 billion. The petition was filed in the context of a foreign proceeding…