Ambipar Chief’s Collateral Wrested Away in Brazil Utility Deal

(Bloomberg) -- The head of embattled Brazilian firm Ambipar Participacoes e Empreendimentos, along with a co-investor, appeared to lose their collateral in a debt issuance over the weekend when creditors’ representatives moved to seize their shares in a hydroelectric power company. Tércio Borlenghi Junior and his business associate Nelson Tanure had pledged shares of Empresa Metropolitana de Águas e Energia SA, or Emae, as collateral in a local bond issuance. A fund called Phoenix FIP, linked to Tanure, a ...