By Brazil Stock Guide – The 21st Civil Chamber of the Rio de Janeiro Court of Justice (TJ-RJ) on Tuesday (Nov. 11) expanded an injunction preventing the sale of Ambipar (AMBP3.SA) shares while the company undergoes judicial recovery. The decision followed a request from the environmental management group, which accused Bradesco (BBDC4.SA) and Opportunity of selling shares owned by founder and CEO Tércio Borlenghi that had been pledged as collateral for personal loans.
The ruling by Judge Mauro Pereira Martins bars both financial institutions from trading Ambipar shares until the court reaches a final judgment. The company claimed the large-scale stock sales triggered a sharp price drop, jeopardizing its restructuring plan. Ambipar entered bankruptcy protection on Oct. 21.
A previous ruling by the 3rd Business Court of Rio had restricted only Bradesco. The latest decision extends that to the “Opportunity Dinâmico FIP Multiestratégia – Investimento no Exterior” fund, which must refrain from trading, transferring, or liquidating any Ambipar shares or face a R$2 million fine.
Judge Martins wrote that while investors are generally free to trade their holdings, massive transactions during bankruptcy pose a significant threat to business continuity. “There is, therefore, an evident risk of compromising the company’s ability to continue operating, which harms the principle of business preservation,” he said in the ruling.
While the court upheld the trading ban, it denied Ambipar’s request to force a buyback of shares already sold and to reverse amounts debited from Borlenghi’s personal accounts, calling such measures “recursal innovation.”
Ambipar Postpones 3Q Results Amid Restructuring
Ambipar has also postponed the release of its third-quarter 2025 results, originally scheduled for tomorrow (Nov. 12). The company attributed the delay to the complexity of its restructuring process and the recent shake-up in its finance division.
The company said the ongoing judicial recovery has slowed the review and validation of financial data by management, advisors, and external auditors. The new CFO, Ricardo Rosanova Garcia, appointed in September, is overseeing the completion of the quarterly review amid changes to internal reporting systems.
According to Ambipar, “the company is making every effort to finalize and review the 3Q 2025 statements as soon as possible.” The postponement underscores the operational and financial stress facing Ambipar. The judicial reorganization — covering about R$10 billion in debt — comes after the departure of former CFO João Arruda in September, who was linked to the contracting of a currency hedge that triggered the company’s liquidity crisis.
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