The concern of Ambipar's creditors grew significantly after the company's board of directors approved, on Friday, December 19, the judicial reorganization plan , which indicates an initial debt of R$ 10.5 billion.
The plan has been incorporated into the proceedings underway in the 3rd Business Court of Rio de Janeiro. The measure involves Ambipar and Environmental ESG Participações. In a relevant fact statement, the company says that the plan is not definitive and may still undergo changes due to new negotiations.
The debt is in the billions, but there are no official haircut percentages or detailed payment schedules by class. This means that creditors are still grappling with uncertainty about the true extent of the sacrifice they will have to make.
Sources consulted by NeoFeed indicate that the biggest problem with the document filed by the company lies precisely in the lack of clarity regarding the company's true financial situation. And there is no explanation for alleged fraud, such as the disappearance of more than R$ 4 billion from the company's coffers .
"The board members approved a proposal that did not involve any prior discussion with their main creditors. There is absolutely no chance that this plan will be approved at the meeting," says one of the sources consulted.
"To save the business, information is necessary. This means wanting to save the company and not working to protect the shareholders. There is no alternative but to seek justice regarding this situation," he adds.
The expectation is that the meeting with those who are owed money by the company will take place at the end of March. At this moment, the expectation is that the proposal will be rejected, which may lead the creditors themselves to present a new proposal for the company's financial recovery.
In parallel with the judicial reorganization plan, the international subsidiary Ambipar Emergency Response, based in the Cayman Islands and responsible for issuing debt securities (bonds) abroad, filed for Chapter 11 (equivalent to the Brazilian RJ) in the US Bankruptcy Court in Texas.
In the document, sent to the Rio de Janeiro court, Ambipar's management states that "the proposed measures aim to guarantee the normality of operations, the continuity of service provision with the usual quality to clients and partners, as well as the maintenance of jobs."
A serious problem, according to those familiar with the matter, is that, in addition to lacking clarity, the plan presented by Ambipar also indicates, as part of the solution, a new contribution from current creditors, amounting to R$ 800 million, to guarantee the payment of other debts, such as leasing, that were left out of the judicial reorganization.
"It's an indecent proposal to ask for new money for the company from those who are already owed money. It's a slap in the face to the creditors. The company is showing that it's not concerned about finding a solution to the problem," says another source.
Furthermore, there is a sort of haircut of about 90% of the values indicated so far, presented as a "compliance bonus," which would mean, in practice, in a few years, that for every R$ 1 paid, R$ 10 will be settled.
Nevertheless, the plan suggests that Tercio Borlenghi Jr. , founder and CEO of Ambipar, remain at the helm of the company. Among the creditor groups, there is a majority that believes he will step down as one of the conditions for further progress in negotiations.
Another point still considered unclear concerns the relationship between the company's controller and the banker Daniel Vorcaro, owner of Banco Master, which entered extrajudicial liquidation, by order of the Central Bank, on November 18.
The plan does not explain, for example, how the company will recover the funds deposited in Master, such as the projected volume of R$ 300 million in CDBs (Certificates of Deposit).
“There was a clear indication of an umbilical relationship between Borlenghi Jr. and Vorcaro, but this was never explicitly stated. Ambipar itself has money held in the bank and doesn't explain how it will recover these funds. And there are still other unexplained deposits,” the source explained to NeoFeed .
There are also doubts about the structure of investment funds in credit rights (FIDCs), associated with Master, which concentrated about half of the company's liquidity levels, according to financial statements as of June 30 of this year.
Another unclear point is that the company filed for bankruptcy protection in Rio de Janeiro, where its presence is not significant. According to these sources, the correct procedure would have been to file the request in São Paulo, the city where the company's headquarters are located.
Even if the company manages to weather this crisis, experts closely following the case point out that Ambipar will hardly be able to fully recover its pre-scandal image, which included exchanges of accusations between management and former CFO João Arruda .
"What you hear in the sector is that the company had a good image for the service it provided. But what happens at the senior management level with the shareholders makes it unviable for any Brazilian or international investor. And it will be difficult to coexist with a company that has this volume of problems," the source told NeoFeed .
In the accumulated total for 2025, Ambipar's shares on the B3 stock exchange have depreciated by 98%. On Tuesday, December 23rd, the shares closed down 3.57%. This Friday, December 26th, the stock is up 3.7%, around 12:30 PM. Currently, the company is valued at R$ 451 million.
Contacted by NeoFeed for details on the actions of the judicial reorganization plan, Ambipar did not respond by the time of publication.
