By Brazil Stock Guide – A Rio de Janeiro court rejected a request by Brazil’s central bank to join Ambipar’s (AMBP3) judicial reorganization, dealing a setback to the regulator’s attempt to challenge the treatment of derivatives contracts involving Deutsche Bank.
The central bank had also sought to restore the original guarantees and terms governing the swaps. It argued that court decisions affecting the contracts could have broader consequences for Brazil’s foreign-exchange and capital markets.
Judge Leonardo de Castro Gomes of Rio’s 3rd Business Court ruled that the issue was already time-barred and could no longer be reopened. Ambipar’s bankruptcy-protection request was accepted on Oct. 30, 2025.
The ruling concludes that the regulator sought to intervene after the procedural deadline had passed.
The central bank had requested admission as amicus curiae in June, saying the derivatives could influence exchange-rate expectations and foreign-capital flows. Swaps typically include protections allowing positions to be closed or offset if a counterparty defaults.
The court also confirmed creditor meetings for Aug. 25 and Sept. 1. Both will be held in a hybrid format because Ambipar’s creditors are located around the world.
Ambipar sought court protection in October 2025, citing R$ 10.5 billion in debt. The environmental-services company announced an agreement with international bondholders this month, about nine months after filing for judicial reorganization.
The creditor vote will be the next major test of Ambipar’s restructuring plan. The central bank and the company did not comment before the original report was published by Estadão/Broadcast.
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