STJ Suspends Ambipar Creditors' Assembly and Reopens Forum Dispute

Overview

• The Superior Tribunal de Justiça suspended the creditors' general assembly that was due on Tuesday, Sept. 1, preserving votes that could have bound creditors while the competence question is reviewed.
• On Sept. 2 the STJ also froze the countdown of Ambipar's stay period that blocks debt execution, keeping the company's protection against seizures in place until the court rules on the assembly and forum.
• Minister Raul Araújo told lower courts to provide detailed information about Ambipar's recovery process and creditor positions and said ‘principal establishment’ must be judged by center of direction, administration, business volume and governance nucleus.
• A group of local and institutional creditors led by Vinci Compass and Oliveira Trust challenged the Rio forum, arguing São Paulo is the company's true decision-making center; banks and asset managers joined the challenge.
• The dispute follows Ambipar's October 2025 filing after margin-call losses tied to Deutsche Bank and a July bondholder swap, and the STJ review could change how recoveries are decided and affect creditor recoveries and market legal certainty.