Ambipar Participações has filed for bankruptcy protection, for itself and 71 affiliates, as it faces financial distress stemming from failed derivative contracts. The Brazilian environmental and emergency services company petitioned for recuperação judicial on 20 October with the Third Business Court of Rio de Janeiro. The case number is 3014764-58.2025.8.19.0001.

At the same time, in a parallel proceeding, the Cayman Island-based Ambipar Emergency Response subsidiary filed for Chapter 11 in the Southern District of Texas.

Ambipar Emergency Response “is not an operating company and requires no ‘first day’ relief,” director Thiago da Costa Silva wrote in the Chapter 11 petition. “Response’s operating subsidiaries outside of Brazil are not obligated on Ambipar’s funded debt and do not rely on Brazil, the debtor or any of the RJ parties for funding or corporate services. They are not debtors in this Chapter 11 case (or the RJ Proceedings), do not require court protection, and are expected to operate in the ordinary course during the pendency of this restructuring.”

The Brazilian and US requests followed a precautionary measure (Tutela Cautelar em Caráter Antecedente) granted in Brazil on 25 September, to prevent enforcement lawsuits. In its bankruptcy filing, Ambipar cited financial distress stemming from failed derivative contracts, cascading margin calls, and reputational damage linked to investor losses in structured notes.