Traders Rush to Dump Ambipar Bonds as Concerns Mount (2)

Ambipar Participações e Empreendimentos SA’s bonds slumped to a record low, adding to the worst rout among emerging-market corporates amid growing concern the company is moving to restructure its business and potentially its debt.

Losses, which had been building for weeks, accelerated Tuesday after the waste management company announced it was replacing its chief financial officer, João Arruda. Dollar notes due 2031, the most liquid, tumbled more than 21 cents.

Arruda’s surprise exit — just one year into the job — is the third major executive change Ambipar has seen in days. Investor Relations Chief Pedro Borges Petersen left ...