Markets · Corporates
—The fight. Brazilian banks are asking a US court to block a restructuring plan that would hand the best parts of indebted Ambipar to foreign bondholders.
—The company. Ambipar is a Brazilian environmental-services group, with about R$10.5 billion ($2.0 billion) of debt and a parallel US bankruptcy case.
—The split. Foreign bondholders hold about R$5.4 billion ($1.04 billion), debenture investors about R$3 billion, and banks about R$2 billion.
—The prize. The plan would transfer US subsidiaries, including the prized emergency-response arm, to the bondholders in exchange for wiping out part of the debt.
