Troubled Ambipar Kickstarts Bankruptcy Filings in Brazil, Texas
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Sao Paulo-based Ambipar Participações e Empreendimentos SA has opted to file for bankruptcy protection in Brazil, the firm said in a statement. The announcement caps off a steep rout for the struggling waste management company, driven by governance concerns, ratings downgrades and executive exits.
Meanwhile, subsidiary Ambipar Emergency Response filed for Chapter 11 in Texas. In a request filed to a court, the unit listed liabilities of between $100 million and $500 million and estimated the value of its assets could swing from $1 billion to $10 billion.
Source: Original