By Brazil Stock Guide – Ambipar (B3: AMBP3, OTC: AMBBY) urged the Rio de Janeiro Business Court to maintain a preliminary injunction shielding it from creditors, warning that lifting the measure would severely damage the company and have broad social and environmental consequences.
The company cited the risk of more than R$10 billion ($1.8 billion) in accelerated debt maturities, the loss of over 23,000 direct jobs, and the suspension of about R$500 million in annual tax payments, as well as the collapse of critical emergency-response contracts.
The defense argued that the injunction only temporarily suspended acceleration clauses, debt enforceability, and collateral executions — measures it says prevent a “run on cash” and preserve operational continuity until Ambipar formally files for bankruptcy protection.
On September 30, 2025, Rio de Janeiro state appellate judge Mauro Pereira Martins rejected a request by Deutsche Bank (NYSE: DB) to overturn the injunction. He said the bank faced no imminent risk, while revocation could cause “irreversible harm” to Ambipar before the case is judged.
Swaps dispute — The crisis escalated after an amendment with Deutsche Bank migrated swap contracts originally signed with Bank of America. The deal introduced a PIK structure, tying collateral requirements to the price of Ambipar’s green bonds: a $750 million (R$4.2 billion) note due 2031 and a $493 million (R$2.8 billion) note due 2033. Ambipar alleges the former CFO signed the contract without board approval, triggering more than R$200 million ($36 million) in collateral calls within days.
Jurisdiction — Ambipar rejected creditor attempts to move the case to São Paulo, insisting that Rio de Janeiro is the proper venue. It pointed to its main base in the state, including the Duque de Caxias waste facility and port operations at Açu, Guanabara Bay, and Sepetiba.
Ambipar’s shares have plummeted on the B3 (B3SA3). On Friday, they closed at R$1.40 ($0.25), extending heavy monthly losses.