Overview

• A judge in Rio’s 3rd Business Court suspended executions, collections and acceleration clauses against Ambipar for 30 days, with a possible 30-day extension.
• Ambipar’s filing cites a US$35 million loan and linked derivatives with Deutsche Bank, over which margin calls consumed more than R$200 million and a further R$60 million was due, exposing up to US$550 million in obligations.
• S&P downgraded Ambipar’s rating to default, calling the court action equivalent to a broad debt restructuring, after earlier flagging governance risks; shares closed down 24.24% at R$7.50 after falling as much as 49%.
• The company warned that cross-default provisions across its financing could accelerate up to R$10 billion in debt if demands were enforced, and it says operations continue during negotiations.
• The Rio state prosecutor’s office asked the court to suspend the order’s effects until Ambipar supplies complete group-structure documentation, with sources indicating the judge may require filings while keeping protections in place.