JBS, the world’s largest meat processing firm, has received permission from a Brazilian court to sell assets, a move that offers the troubled group considerable relief.
The Regional Federal Court of the 1st Region has overturned a ruling by a lower court that blocked the US$300m sale of a JBS unit to rival group Minerva. The court also removed restrictions on JBS to negotiate sales of any assets or operations.
The asset sales are part of the ongoing restructuring by JBS, which is struggling under 18bn reals (US$5.6bn) worth of debt. Last month, it was announced that the group had put Northern Ireland-based poultry firm Moy Park up for sale along with a number of other businesses.