Oncoclínicas announced on Monday morning, April 13th, that it will file a request for precautionary measures in the São Paulo courts to suspend clauses regarding the early maturity of its debts and the enforceability of financial obligations.

The measure comes amid a deterioration of its capital structure and difficulties in advancing negotiations with creditors , and is considered a step prior to a possible request for judicial reorganization. According to the company, the precautionary measure aims to allow the negotiation with creditors to proceed without interrupting operations.

Last week, the company breached one of its debt covenants by reporting a net debt-to-EBITDA ratio of 4.3 times in its 2025 annual balance sheet—above the 3.5 times limit stipulated in the contracts. The previous year, this ratio was 2.6 times.

Already anticipating the risk of exceeding its leverage ratio, the company had been trying to negotiate with creditors to obtain a waiver for non-compliance with the covenants. However, the company failed to obtain a sufficient quorum at a debenture holders' meeting convened the day before the release of the financial results.

In a call with investors, the company's CEO, Carlos Gil, stated that the company had made progress in negotiations with major creditors, but that the dispersion of some Real Estate Receivables Certificates (CRIs) and debentures had been hindering the acquisition of the waiver, due to the difficulty in mobilizing individuals holding the credit.

According to the CEO, at least until Friday, April 10th, the company had not received any notification of early maturity.

The company has been trying to secure a waiver from creditors for at least two months. However, mobilizing this fragmented customer base had already been a challenge, as admitted by the then CFO, Camille Faria, in an interview with NeoFeed in early March .

The strategy was later questioned by Mak, amid disagreements over a possible M&A with Porto Seguro.

Unable to secure a waiver from creditors, the company itself admitted, in a financial statement released last week, the existence of "significant uncertainty that may raise significant doubt about its ability to continue operating."

According to Oncoclínicas, of the R$3.23 billion in debt, R$2.9 billion is committed due to breach of covenants. Of this amount, the company had not yet obtained waivers for R$1.88 billion.

In addition to legal action, Oncoclínicas is also evaluating a possible exit via mergers and acquisitions. On the table is a proposal from Porto Seguro to take over the operational side of the oncology clinics, with Oncoclínicas retaining the majority of economic rights but less than half of the voting shares.

The proposal was criticized in a statement by company board members , who pointed out that the fact that the negotiation was conducted by shareholders—and not by management—could compromise its credibility.

The advisors who opposed the proposal are the same ones supported by Mak Capital, which has also been critical of the operation. In parallel, the asset manager even presented an alternative proposal for a R$ 500 million injection , conditional on the removal of the current board.

With a market value of R$ 1.44 billion, ONCO3 stock has accumulated a 53.7% drop in 2026 on the B3 stock exchange.