LatAm Watch · Creditor Brief · Sample edition
Ambipar Group — Recuperação Judicial (Brazilian court-supervised restructuring)
Sample edition. This sample is built from company disclosures filed with the CVM and from press reports. Client editions are built from the court docket and the judicial administrators' filings, are matched to the client's own listed claim, and cite a document and page for every statement. Pricing →
Current status: creditors' vote on hold. The creditors' meeting that would vote on the plan is suspended by Brazil's Superior Court of Justice (STJ) while it decides whether the case belongs in Rio de Janeiro or São Paulo. As of 31 Oct 2026 we have not found a public source giving a new meeting date. [S4, S5]
1. Case at a glance
| Debtors | Ambipar Participações e Empreendimentos S.A. (B3: AMBP3) and affiliates: 72 Brazilian entities plus Ambipar Lux S.à r.l. (Luxembourg) and Ambipar Emergency Response (Cayman Islands) [S1] |
|---|---|
| Court | 3ª Vara Empresarial da Comarca da Capital, Rio de Janeiro (TJRJ) [S1] |
| Case number | 3014764-58.2025.8.19.0001 [S1] |
| Type | Recuperação judicial (RJ), Lei 11.101/2005. It binds trade, labor, secured and unsecured creditors, not only bondholders. |
| Precautionary filing | 24 Sep 2025 [S1] |
| RJ filed / processing granted | 20 Oct 2025 / 30 Oct 2025 [S1] |
| Judicial administrators | Augusto Alves Moreira Neto (Gomes de Mattos Advogados Associados) and Thiago Carapetcov (Carapetcov Administração Judicial), acting jointly [S1] |
| Stay period | Extended by 180 days (Evento 687), running until 19 Sep 2026 [S1]. Whether it has been extended again is not confirmed in the sources reviewed. |
| Debt reported | ≈ R$10.5 bn at filing (G1, 21 Oct 2025) [S1]; ≈ R$13.3 bn in later press coverage [S4] |
| U.S. proceedings | Ambipar Emergency Response: Chapter 11, S.D. Texas, case 25-90524 (filed 20 Oct 2025) [S1]. On 28 Sep 2026, Judge Alfredo Pérez recognized the Rio proceeding as a foreign main proceeding (Chapter 15) and suspended, but did not dismiss, the Chapter 11. This recognition does not approve the plan. [S4] |
2. Your listed claim
Client edition only. We search the published creditor lists (the debtor's list and the administrators' second list, Evento 851) for your company and report the exact listed name, class (I–IV), amount and currency, and any difference from your own records.
3. Deadlines & triggers to watch
| Item | Status | Basis / source |
|---|---|---|
| Notice of the administrators' second creditor list (Eventos 1043/1044) | Awaiting publication as of 21 Jul 2026 [S1]. Whether it has been published since is not confirmed. | When published, it starts the 10-day window to object to the list (impugnação), art. 8, Lei 11.101/2005. |
| Creditors' meeting (AGC): plan vote | Suspended by the STJ; no new date found [S4, S5] | The law requires at least 15 days' notice of a meeting (art. 36). A new meeting notice is the key trigger to watch. |
| STJ venue dispute (Rio de Janeiro vs São Paulo) | Pending. The rapporteur, Min. Raul Araújo, pointed to São Paulo as the main place of business [S4] | The outcome may move the case to another court. |
| Objections to the plan | Objections have been filed [S1] | A filed objection sends the plan to a creditors' vote (art. 56). |
4. The plan
The debtors filed the plan as Evento 482; the administrators' technical report on it is Evento 523 [S1]. Press reports describe a support agreement with a majority of holders of the Green Notes, under which about US$1.043 bn of notes would be exchanged for about US$925 m of new secured notes [S1]. The plan takes effect only after a creditors' vote, court confirmation, definitive documents and regulatory approvals [S5].
Client edition: the payment terms for your class (haircut, grace period, indexation, payment schedule, any options for trade or partner creditors), as written in the plan, with page citations.
5. Timeline
- Precautionary injunction filed; stay of collection actions begins. [S1]
- RJ filed in Rio de Janeiro; Chapter 11 filed in S.D. Texas (25-90524). [S1]
- Rio court grants processing of the RJ. [S1, S2]
- Ambipar's board approves the RJ plan and files it with the court. [S3]
- Deadline for the administrators' second creditor list, which was filed on time (Evento 851). [S1]
- Administrators file their 9th Monthly Activity Report. [S1]
- CVM filing: the companies propose a creditors' meeting on 17 Aug (first call) and 25 Aug (second call), pending court convocation. [S1]
- Creditors' meeting does not convene; creditors had argued the 15-day notice period was not met. [S5]
- Scheduled meeting suspended by an STJ decision over the venue dispute. [S4, S5]
- U.S. court (S.D. Texas) recognizes the Rio RJ as the foreign main proceeding and suspends the Chapter 11. [S4]
6. Glossary
- Recuperação judicial (RJ)
- Brazilian court-supervised reorganization; broadly comparable to Chapter 11.
- Administrador judicial (AJ)
- Court-appointed administrator. Publishes the creditor lists, monthly reports and meeting notices.
- Assembleia geral de credores (AGC)
- Creditors' meeting that votes on the plan by class.
- Relação de credores / edital
- Published creditor list / official notice. Publication starts the statutory deadlines.
- Impugnação / divergência
- Formal objection to, or disagreement with, a listed claim.
- Classes I–IV
- I labor · II secured · III unsecured · IV micro and small businesses.
- Stay period
- Suspension of collection actions against the debtors, 180 days by default (art. 6).
Sources
- CVM filing[S1] CVM filing summarized by Atlas Público, 21 Jul 2026 (CVM protocol 1546658): link
- Press[S2] Mercado & Consumo, 31 Oct 2025, "Justiça defere pedido de recuperação judicial da Ambipar": link
- Press[S3] Investidor10, Dec 2025, "Ambipar aprova plano de recuperação judicial e leva proposta à Justiça": link
- Press[S4] Economic News Brasil, 29 Sep 2026, "Recuperação judicial da Ambipar vence etapa nos EUA, mas encontra bloqueio no STJ": link
- Press[S5] Press coverage of the AGC (Acionista, Seu Dinheiro, Times Brasil), Aug–Sep 2026: link