GPA announced on Monday that the 3rd Bankruptcy and Judicial Recovery Court of the Central Civil Forum of São Paulo granted a five-day period for the São Paulo Public Prosecutor's Office (MP-SP) to present concrete elements regarding its objection to the company's extrajudicial recovery plan.
The decision follows the MP-SP's filing last Friday opposing the immediate homologation of GPA's current recovery proposal. The public prosecutor's office argued that certain creditors or credits may have been improperly excluded from the plan, necessitating further scrutiny before court approval.
In response, GPA reiterated the legality of its extrajudicial recovery plan, which has received express support from creditors. The company stated in a material fact disclosure that it remains confident that all objections will be dismissed once the contradictory phase is concluded, allowing for the homologation of the plan.
The court's ruling introduces a procedural delay in the recovery process, extending the timeline for judicial validation of GPA's financial restructuring efforts. The company did not disclose additional details regarding the disputed credits or the potential impact on its operational continuity.
The extrajudicial recovery plan, approved by a significant majority of creditors, remains pending final court confirmation following the MP-SP's challenge and the newly established deadline for evidence submission.
