Ambipar Emergency Response remains in the recognition phase of its Chapter 15 case, seeking U.S. recognition of the Brazilian recuperação judicial proceeding as a foreign main proceeding and related protection for U.S. assets. The court has continued the recognition hearing—and the related request to suspend the parallel Chapter 11 case—to August 21, 2026, following a final pre-hearing conference set for August 18 under the Scheduling OrderDkt. 93.
The restructuring began after 2025 amendments to currency-swap arrangements introduced payment obligations tied to the market value of Ambipar’s Green Notes. The resulting margin calls exceeded R$200 million and activated cross-default provisions across the group’s debt structure, which includes more than $1 billion of Green Notes, Brazilian debentures and a $90 million Itaú facility, according to the foreign representative’s declarationDkt. 7. Ambipar and its affiliates commenced the Brazilian proceeding in September 2025; the Brazilian court subsequently authorized the proceeding for 71 consolidated entities, imposed a stay against enforcement and early-maturity actions, and placed the debtors under supervision of a judicial administrator while they remained in possession, as described in the Chapter 15 PetitionDkt. 1.
The current path is a Brazil-led reorganization supported through U.S. cross-border relief. On July 9, 2026, the debtors entered into a restructuring support agreement with holders of approximately 53.8% of the Green Notes and filed Chapter 15 to obtain recognition, extend stay protection in the United States and enable the foreign representative to administer U.S.-based assets. If recognition is granted, the debtors intend to suspend the separate Ambipar Response Chapter 11 case and implement the Brazilian plan through the recognized foreign proceeding, according to the Recognition MotionDkt. 2. The August 21 recognition hearing is therefore the principal near-term milestone determining whether that coordinated structure can proceed.
