By Brazil Stock Guide – Ambipar Participações e Empreendimentos SA (B3: AMBP3), which is under court-supervised restructuring in Brazil, signed a restructuring support agreement with creditors holding a majority of its “green notes” due in 2031 and 2033, in an important step toward reorganizing its balance sheet, reducing uncertainty and preserving the group’s financial viability.
According to a material fact filing submitted to Brazil’s securities regulator, CVM, the Restructuring Support Agreement sets out the main terms for the restructuring of international bonds issued by an Ambipar subsidiary. The transaction is expected to be implemented primarily through the company’s judicial reorganization plan, which remains subject to creditor approval and court confirmation.
The agreement involves Ambipar and Environmental ESG Participações SA, both under court-supervised restructuring, and formalizes the support of key creditors for the restructuring of Ambipar’s debt and that of certain direct and indirect subsidiaries. The company’s debt is estimated at about R$10 billion.
The backing from majority holders of the green notes marks progress in the restructuring process and strengthens the prospects for a negotiated solution to the company’s debt burden. The agreement gives Ambipar a firmer basis to continue discussions with other creditors.
In parallel, certain subsidiaries of the group signed an amended and restated loan agreement with Itaú BBA International PLC. According to the company, the agreement is aimed mainly at extending past-due debt, a measure that should help ease short-term cash pressure and improve Ambipar’s ability to execute its reorganization plan.
The combination of support from “green notes” creditors and the extension of financial obligations represents a relevant step toward restoring visibility to Ambipar’s capital structure. The move may also help preserve commercial relationships, operating contracts and the confidence of clients, suppliers and business partners during the restructuring process.
In the same filing, Ambipar’s management said Tércio Borlenghi Jr., the company’s chief executive officer, and Thiago da Costa Silva, its chief financial officer, will continue to lead operations after the agreement is implemented, in line with the governance structure and controls set out in the restructuring documents.
Ambipar filed for judicial reorganization on October 20, 2025, before the 3rd Business Court of Rio de Janeiro. The request was accepted on October 30. In parallel, Ambipar Emergency Response, an indirect subsidiary of the group, filed a concurrent Chapter 11 proceeding before the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
According to Ambipar, full implementation of the agreed terms remains subject to customary conditions precedent, including the negotiation and execution of definitive documents, corporate approvals, approval of the plan at a creditors’ meeting, court confirmation, applicable regulatory approvals and macroeconomic, operational and market conditions.
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