Ambipar Files for Court Protection in Brazil and U.S., Fitch Cuts Rating to D

Overview

• Ambipar requested judicial recovery in the 3rd Business Court of Rio de Janeiro, while subsidiary Ambipar Emergency Response sought Chapter 11 protection in the U.S.
• In court, the company declared roughly R$10.48 billion in liabilities and submitted a sealed cash‑flow projection to the Rio judge.
• A São Paulo judge, Fábio Henrique de Toledo, denied Deutsche Bank’s urgent bid to liquidate derivatives tied to a US$35 million loan, as venue and enforcement disputes continue.
• Fitch downgraded Ambipar’s credit rating to D after the recovery filings, and Citi estimates about R$2 billion of bank exposure led by Santander (R$663 million), Banco do Brasil (R$352 million) and Bradesco (R$165 million) with potential provisions.
• Ambipar says operations continue and has initiated a criminal probe into former CFO João Arruda, hiring FTI Consulting and Alvarez & Marsal for forensic and restructuring support.