Prosecutors oppose GPA’s out-of-court restructuring plan in São Paulo
São Paulo prosecutors opposed GPA’s out-of-court restructuring plan and suggested appointing a trustee due to the proceeding’s complexity. GPA filed a response arguing prosecutors’ requirement for a single creditor group lacks legal and case-law support. The plan is backed by creditors holding R$2.6 billion (57.49% of claims) and includes two debenture series, while the court may consider but need not follow prosecutors’ views.