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Ambipar SA’s dollar bonds have plunged after concerns over the company’s potential business and debt restructuring. Further, the company announced the unexpected departure of its CFO, João Arruda, after only a year in the role. This marks the third major executive change in a matter of days, following the exits of the Investor Relations Chief and the Global Legal Director. The company has been under pressure due to regulatory probes and ratings warnings. Both Fitch and S&P have recently revised Ambipar’s outlook to negative, citing governance issues, weak accounting transparency, and a probe by Brazil’s securities regulator. Despite efforts to appease investors with a governance overhaul, the company’s decision to hire an advisor to explore a potential liability management exercise have not worked in its favor. Ambipar is attempting to address concerns by expanding its board and engaging in individual meetings with investors, but analysts believe it will take time for the company to regain market trust.