AMERICAS DISTRESS DAILY: Ambipar Faces Bankruptcy Amid Woes

In just overthree weeks, troubled Brazilian waste-management company Ambipar went from reassuring investors to being on the brink of a bankruptcy filing.

• Ambipar blames its crisis on an addendum signed with Deutsche Bank for a swaps agreement, which it claims had an “abusive mechanism” that tied margin requirements to the price of its green bonds.
• Its dollar bonds have plummeted and shares have crashed more than 95% since Sept. 22, shedding over 22 billion reais in market value.

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